The retail giant had announced the $8.5 billion deal in May,
making it the company's second-largest acquisition following its $13.7 billion
deal with Whole Foods in 2017. The latest acquisition was aimed at boosting
Amazon's streaming services to compete against Netflix and Disney+.
The Wall Street Journal reported earlier this month Amazon
certified to the Federal Trade Commission it provided information sought by
antitrust investigators regarding the deal, adding it could be free to close
the purchase if the commission doesn't file a legal challenge before a
mid-March deadline.
One of the oldest studios in Hollywood, MGM has been through
bankruptcy and new sets of owners in the past decade while its new releases
dwindled.
Amazon praised the deal in a blog post Thursday, saying MGM
has more than 4,000 film titles, 17,000 TV episodes and awards that “will
complement Prime Video and Amazon Studios' work in delivering a diverse
offering of entertainment choices to customers.”
Amazon plans to draw on the vast MGM library, with famous
characters such as Rocky, RoboCop and Pink Panther, to create new movies and
shows.
“We are excited for MGM and its bounty of iconic brands,
legendary films and television series, and our incredible team and creative
partners to join the Prime Video family,” MGM's Chief Operating Officer Chris
Brearton said in a statement.
The latest acquisition comes as antitrust regulators
scrutinize Amazon for its broader practices and operations. Last week, House
lawmakers asked the Justice Department to investigate whether the tech giant
and senior executives obstructed Congress or violated other federal laws in
testimony on its competition practices. © Reuters