The European Union has officially approved Amazon to buy movie and TV studio MGM. As a result, the $ 845 million acquisition will be completed. News Engadget.
The European Commission’s regulatory body believes that Amazon’s acquisition will not have much effect on competition in the movie and audio visual content market.
MGM’s activities as a creator and licensee of AV content with competing companies in the market are very limited. Also MGM content is not considered as essential and there is a lot of alternatives in these contents.
Box office revenue from MGM’s movie account is very limited in the European Economic Area. As a result, MGM is not on the list of top manufacturers. Although they have several movie rights.
Last May, Amazon announced the purchase of MGM. Permission must be obtained from the Federal Trade Commission to complete this transaction.