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Amazon may be days away from closing deal to buy film studio MGM -Breaking

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© Reuters. This illustration shows a Smartphone with an Amazon logo displayed in front of the MGM logo. It was taken on May 26, 2021. REUTERS/Dado Ruvic/Illustration

WASHINGTON/LOS ANGELES – Amazon.com Inc. (NASDAQ) is just days from closing the deal to acquire MGM. The storied studio behind James Bond and Rocky, Amazon.com Inc. could close the deal in days. As the mid-March deadline approaches for regulators challenging the online retailer’s merger plan, they will have to do so by March 3.

The US and Europe have both to determine if Amazon’s deal of $8.5 billion for the almost century-old studio is in violation of antitrust laws. Amazon said that the acquisition offered the opportunity for it to create and attract consumers to its Prime fast shipping and streaming service.

People familiar with this matter say that EU antitrust regulators will approve the plan to acquire the company without condition. They have until March 15, 2015 to take action.

Soon after, the U.S. Federal Trade Commission approaches its own deadline for deciding whether the deal is contrary to antitrust law. A person who is familiar with this matter said that the FTC deadline will be in March, less than a day after it was set by the European Commission.

According to the Wall Street Journal, this online retailer largely complied with FTC requests for information regarding the deal. This set the FTC clock in order for them to take a decision.

The exact date that Amazon could close the deal was subject to FTC efforts to stop the MGM merger.

FTC chair Lina Khan became internet famous for her law review article “Amazon’s Antitrust Paradox”. The FTC has launched an additional antitrust probe into Amazon in the context of the ongoing government antitrust investigations under Trump into four tech giants, such as Facebook (NASDAQ®:) or Google (NASDAQ®:).

Amazon would have the ability to compete with rival streaming services Netflix (NASDAQ;) and Disney + if it is approved by its shareholders.

MGM would add to Amazon Prime Video’s collection with over 4,000 movie titles.

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