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Amazon Closes $8.5B Deal to Acquire Hollywood Studio MGM

An Amazon logo appears on an Amazon delivery van, on Oct. 1, 2020, in Boston. Amazon announced Thursday, March 17, 2022 it has closed its acquisition of Hollywood studio MGM two days after European regulators said the deal “would not significantly reduce competition” in European markets. MGM is one of the oldest studios in Hollywood. (AP Photo/Steven Senne, File)
An Amazon logo appears on an Amazon delivery van, on Oct. 1, 2020, in Boston. Amazon announced Thursday, March 17, 2022 it has closed its acquisition of Hollywood studio MGM two days after European regulators said the deal “would not significantly reduce competition” in European markets. MGM is one of the oldest studios in Hollywood. (AP Photo/Steven Senne, File)
THE ASSOCIATED PRESS (Associated Press)
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(AP) -- Amazon announced Thursday it has closed its acquisition of Hollywood studio MGM, two days after European regulators said the deal “would not significantly reduce competition” in European markets.

The retail giant had announced the $8.5 billion deal in May, making it the company’s second-largest acquisition following its $13.7 billion deal with Whole Foods in 2017. The latest acquisition was aimed at boosting Amazon's streaming services to compete against Netflix and Disney+.