Amazon Completes Acquisition of Film Studio MGM... Strengthening Streaming Business Competitiveness

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Amazon, which is strengthening its video streaming platform, has completed the acquisition deal for MGM, the film company that owns movies such as '007' and 'Rocky'.

According to the Wall Street Journal (WSJ) and others on the 17th (local time), Amazon announced in a statement that it has completed the $6.5 billion (approximately 8 trillion KRW) acquisition process. Amazon welcomed MGM employees and stated that it will work together with the management of MGM Studios.

MGM owns over 4,000 film works and TV dramas, including the flagship spy action movie franchise 007 and the sports movie Rocky series. Amazon is expected to secure content through the MGM acquisition and enhance its competitiveness in the video streaming service market.

MGM will be incorporated under Mike Hopkins, Senior Vice President overseeing Prime Video and Amazon Studios. Senior Vice President Hopkins said, "I look forward to working with MGM’s employees, creators, and talents to create more opportunities to tell high-quality stories."

Amazon’s announcement came after the deadline for the U.S. competition authority, the Federal Trade Commission (FTC), to raise objections had passed. It is reported that Amazon submitted more than 3 million documents to the FTC during the eight-month investigation period. WSJ stated, "Although the deadline has passed, it seems possible to raise issues if there is a risk of antitrust law violations, but Amazon has completed the acquisition process."

Prior to this, the European Union (EU) Commission also approved the acquisition deal unconditionally on the 15th.

This content was produced with the assistance of AI translation services.