Another merging of the giants is one step closer to happening. When companies like Disney and Fox merge or when Warner Bros. and AT&T, it is so much more complicated than people realize. So it really isn't surprising that even though we first heard about the merger of Amazon and MGM in May 2021, the process is still slowly creeping forward. The deal, the latest figure would see Amazon acquiring MGM to the tune of $8.5 billion, has taken a critical step forward in Europe. According to Deadline, the European Commission has won "unconditional EU antitrust approval" for the acquisition.
"We're pleased with the Commission's decision and, with MGM, look forward to providing more choice of quality entertainment for viewers," an MGM spokesperson said.
What MGM and Amazon need now is approval in the United States for the next step of the sale to continue. There doesn't appear to be a timeline as to when those talks will happen right now. MGM has been in sort of a weird place for a couple of years now, and the pandemic hasn't really helped things. Several studios appear to be on their way out of focusing primarily on theatrical releases and instead are turning more toward streaming.
For Amazon, however, they really need a reason for people to sign up and stay signed up. They have some great original programs, but they need a bigger back catalog, and MGM has one of the best back catalogs in the world. Amazon is likely happy to get their hands on IP like James Bond. Still, that back catalog could really help push the streaming service from something good that you can have if you like The Boys or another one of their shows to something you need if you're a classic movie lover of any kind. That kind of edge in the competitive streaming market is worth a lot, or in the case of Amazon, worth $8.5 billion. We're also sure the European Commission members will be getting their packages on time and for free for the rest of their lives.