January 29, 2023

Dubai Week

Complete Dubai News World


Amazon buys MGM for $ 8.5 billion

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Amazon.com, the largest American e-commerce company, has announced the acquisition of the prestigious American film production company Metro Golden Mayer (MGM) for $ 8.5 billion, following regulatory approval for the deal.

Historical Studio, which has produced more than 4,000 films and 17,000 episodes of television series that have won 180 Oscars and 100 Emmy Awards, will continue to work to provide (Prime Video) and (Amazon Studios) clients. Various entertainment options. “German Channel DW.

In May 2021, Amazon announced its acquisition of “Metro-Goldwin-Mayer” and acquired a group that included several works, including the “James Bond” series, “Rocky”, “The Silence of the Lamps” and “Basic Intuition”. .

The deal is the second-most expensive acquisition in Amazon’s history since it bought US stores of “whole foods” for $ 13.7 billion in 2017.

The European Commission announced on Tuesday that it had approved the unconditional acquisition, saying the process would not cause “any competition problems” in Europe.

The deal has met with opposition in the United States, where concerns have been raised about Amazon’s influence over the subscription – based streaming industry, and unions backed by politicians are trying to stem it.

The Center for Strategic Organizations, a federal agency that claims to represent four million employees, has called on the Federal Trade Commission (FTC) to oppose the acquisition, arguing that Amazon will control nearly 56,000 works of art in exchange for restricting the Netflix operating system. Twenty. A job.

Noting that the Federal Trade Commission has been sending out warning letters regarding mergers or acquisitions since last summer, it warns its stakeholders that it does not have time to examine its legal framework.

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And Bloomberg News Agency, the day before yesterday, marked the completion of the deal announced on the Amazon website on Thursday, marking the latest acquisition deal by US e-commerce and technology company for approval by regulatory authorities. , The market is small, despite complaints from competitors that the deal could hurt companies. At the same time, if a majority of the FTC’s commissioners vote to prosecute, the U.S. Federal Trade Commission may file a lawsuit to prevent future transactions.