LONDON (AP) — European regulators approved Amazon's acquisition of the film studio MGM, stating that it will not harm competition.
The internet shopping giant announced last year that it would buy MGM in a deal for $8.45 billion to increase the content it could offer via streaming.
The European Commission said its investigation determined that the agreement “will not significantly reduce” competition in European markets, including in the production of films, the production of television series, the supply of available channels and the offer of “audiovisual services”.
The commission, the executive arm of the European Union, and its main regulator argued that MGM content is not “indispensable” and that this study is “not one of the main ones” despite having the rights to successful franchises like James Bond's.
Known for its logo of a roaring lion, MGM is one of the oldest Hollywood studios, but it has lost its luster in recent years.
MGM continues to have a vast library of content, including the characters of Rocky, RoboCop and the Pink Panther, which Amazon says it will use to create more shows and movies.