Amazon says it has completed MGM deal

Amazon said today in a short statement it has completed its acquisition of Metro-Goldwyn-Mayer, James Bond’s home studio.

“Amazon and MGM announced that MGM has joined Prime Video and Amazon Studios,” the statement read. “The storied, nearly century-old studio—with more than 4,000 film titles, 17,000 TV episodes, 180 Academy Awards, and 100 Emmy Awards—will complement Prime Video and Amazon Studios’ work in delivering a diverse offering of entertainment choices to customers.”

Earlier this week, Amazon received European Commission approval for its $8.45 billion acquisition of MGM. The figure includes assumption of MGM debt.

Amazon was waiting on a review by the U.S. Federal Trade Commission. But the short announcement didn’t mention the FTC.

Bloomberg News said in a story today that a deadline for the U.S. agency to challenge the deal had passed with no FTC action.

Amazon announced the MGM deal last year. The studio was founded in 1924 with the merger of three companies. MGM has been involved with the Bond franchise since 1981, when it acquired United Artists.

MGM finances the Bond films produced by Eon Productions.

European regulators approve Amazon-MGM deal

European regulators “unconditionally” approved Amazon’s planned $8.45 billion acquisition of Metro-Goldwyn-Mayer, James Bond’s home studio, the European Commission said in an announcement today.

The group “concluded that the transaction would raise no competition concerns in the European Economic Area,” the statement said. “The Commission found that MGM’s films represent only a limited share of box office revenues in the EEA and that overall MGM is not among the top production studios, despite its rights over successful film franchises such as James Bond.”

The U.S. Federal Trade Commission also is considering the deal. FTC approval would enable Amazon to complete the purchase. Amazon announced the planned acquisition last year.

MGM is owned by hedge funds. The studio has changed hands repeatedly for decades and underwent a bankruptcy in 2010.

MGM once was the biggest of the Hollywood studios. But it has been a lesser player for years. MGM’s financial travails also have affected the production of Bond films. MGM finances the 007 films produced by Eon Productions.

Amazon operates a major streaming service. Taking over MGM would secure programming. Eon has said repeatedly it wants Bond movies to continue to debut in theaters before going to streaming.

U.S. FTC to probe Amazon’s purchase of MGM, WSJ says

MGM logo

For blog subscribers: This had the correct headline.

The U.S. Federal Trade Commission plans to investigate Amazon’s planned $8.45 billion acquisition of Metro-Goldwyn-Mayer, The Wall Street Journal reported.

Amazon has said it plans to acquire MGM, which controls half of the James Bond film franchise as well as thousands of other film titles and TV properties.

The FTC and U.S. Justice Department split U.S. regulatory review for large deals, the Journal said.

“During recent interagency negotiations, the FTC secured the right to review the Amazon-MGM deal, the people familiar with the matter said,” according to the Journal.

Amazon’s deal to acquire MGM may provide financial security for the Bond franchise — if approved by regulators. The Bond series has been subject to financial insecurity since MGM acquired United Artists, Bond’s original studio, in 1981.

U.S. FTC to probe Amazon’s purchase of MGM, WSJ says

MGM logo

The U.S. Federal Trade Commission plans to investigate Amazon’s planned $8.45 billion acquisition of Metro-Goldwyn-Mayer, The Wall Street Journal reported.

Amazon has said it plans to acquire MGM, which controls half of the James Bond film franchise as well as thousands of other film titles and TV properties.

The FTC and U.S. Justice Department split U.S. regulatory review for large deals, the Journal said.

“During recent interagency negotiations, the FTC secured the right to review the Amazon-MGM deal, the people familiar with the matter said,” according to the Journal.

Amazon’s deal to acquire MGM may provide financial security for the Bond franchise — if approved by regulators. The Bond series has been subject to financial insecurity since MGM acquired United Artists, Bond’s original studio, in 1981.