Amazon’s proposed $8.5bn purchase of MGM moved a step closer today after the retail and streaming giant received unconditional approval from the European Commission’s competition regulators.
Announced last May, the deal would give Amazon ownership of thousands of hours of big name movies and series for its Prime Video service as well as several major brands and franchises, including Rocky, Robocop, Poltergeist, Stargate, and The Pink Panther.
The Commission has decided that while there are “limited” overlaps between the two businesses, Amazon faces sufficiently “strong” competition from rival streaming services.
It concluded that “the addition of MGM’s content into Amazon’s Prime Video offer would not have a significant impact on Amazon’s position as provider of marketplace services.”
Amazon is currently awaiting a decision by the US Federal Trade Commission on whether to challenge the takeover.
