Amazon has gained unconditional EU antitrust approval for its proposed $8.5 billion acquisition of US movie studio MGM, a move that will help it better compete with streaming rivals Netflix and Disney+.
The European Commission said the deal would not pose competition concerns in Europe, confirming a Reuters story on March 9.
The EU competition enforcer said it had looked into the overlaps between Amazon and MGM in audio-visual content and found that the combined market shares are low and the presence of strong rivals.
"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," the Commission said.
Analysts said the deal would boost Amazon's video streaming service and attract people to subscribe to Amazon Prime, which offers fast shipping and encourages consumers to shop more regularly.
MGM has the rights to James Bond, one of the most lucrative franchises in film history that's earned nearly $7 billion at the box office globally.
Reddit sues Australia over social media ban
Eurovision winner Nemo to send trophy back in protest over Israel's participation
World-famous cellist Hauser to perform in Abu Dhabi
BRIDGE Summit: Bassem Yousef says satire isn't meant to fix the world
Jared Harris tells content creators to prioritise storytelling over tech at BRIDGE
