By Foo Yun Chee
BRUSSELS (Reuters) – Amazon on Tuesday won unconditional European Union approval for its $8.5 billion acquisition of U.S. film studio Metro-Goldwyn-Mayer (MGM), which is expected to help it compete with streaming rivals Netflix and Disney+.
The European Commission said the deal would not pose competition concerns in Europe. Reuters anticipated the decision on March 9.
The European Union competition regulator said it analyzed the overlaps between Amazon and MGM in audiovisual content and concluded that the combined market shares are low, in addition to the presence of strong rivals in the market.
“The addition of MGM content to Amazon’s Prime Video offering would not have a significant impact on Amazon’s position as a provider of marketplace services,” the Commission said.
Amazon said it was pleased with the European Union’s release.
The US Federal Trade Commission has until mid-March to decide on the deal, said a person familiar with the matter.
Analysts said the deal would boost Amazon’s video streaming service and entice people to subscribe to Amazon Prime, which also offers fast delivery and encourages consumers to shop more regularly.
MGM owns the rights to James Bond, one of the most profitable franchises in movie history, having grossed nearly $7 billion at the box office worldwide.
(By Foo Yun Chee)
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