Amazon has officially completed its purchase of legendary movie studio MGM, giving it the exclusive ownership of franchises such as Rocky and James Bond, forever damning (or blessing) us with sequels.
The A$11.74 billion takeover was deemed to pose no competition issues within the 27-country EU this week by European regulators, clearing the final hurdle to ownership.
The ACCC said in December it would not block the takeover, with Commissioner Stephen Ridgeway dryly noting “our investigation found that exhibitors do not rely heavily on MGM content to attract customers.”
MGM brings a rich catalogue to the Amazon vaults, with more than 4,000 film titles, 17,000 TV episodes, 180 Academy Awards, and 100 Emmy Awards, including Thelma & Louise, The Silence of the Lambs, The Magnificent Seven, and Raging Bull.
“MGM has a nearly century-long legacy of producing exceptional entertainment, and we share their commitment to delivering a broad slate of original films and television shows to a global audience,” said Mike Hopkins, senior vice president of Prime Video and Amazon Studios.
“We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers.”
“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,” said Chris Brearton, chief operating officer of MGM.
“MGM has been responsible for the creation of some of the most well-known and critically acclaimed films and television series of the past century. We look forward to continuing that tradition as we head into this next chapter, coming together with the great team at Prime Video and Amazon Studios to provide audiences with the very best in entertainment for years to come.”
Amazon shares rose 1.3 per cent overnight.
