Amazon‘s $8.5 billion deal to purchase MGM won’t be determined for a number of months with the Federal Commerce Fee, Reuters writes.
The FTC stated as of final Friday (July 9) that it might be going forward with a second request in its the overview of the merger. This, in response to the report, signifies that the company is prone to take months to come back to a ruling.
The FTC is trying into Amazon as a part of a variety of probes into numerous Large Tech-related points.
Amazon introduced its intent in Might to purchase the legendary film studio, which has been house to movies such because the James Bond franchise. The deal would propel Amazon’s library of content material to new heights and can enable it to proceed competing with fellow giants Netflix, Disney+ and others.
Amazon in June requested that Lina Khan, the FTC chair, be recused from the listening to, as she’d accomplished analysis and had earlier advocacy data.
PYMNTS has written about Amazon’s intent to purchase MGM, reporting that it is the latest in a sequence of strikes to bolster the non-core a part of the enterprise: content material for Amazon Prime.
“MGM has almost a century of filmmaking historical past and enhances the work of Amazon Studios, which has primarily targeted on producing TV present programming,” a joint assertion stated, in response to PYMNTS.
MGM’s acquisition, the newest in a string of tie-ups for the corporate, marks the passing of the corporate from a silent film-era big into the streaming age at present dominating issues.
Amazon had introduced its intent to assist archive and protect the MGM movie library, which accommodates over 4,000 movies and 17,000 TV exhibits. And it will additionally work on making them accessible for viewing in trendy methods. Mike Hopkins, senior VP of Prime Video and Amazon Studios, stated “the treasure trove of IP that we plan to reimagine and develop along with MGM’s gifted workforce” can be crucial factor gained within the transaction.