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Amazon acquires MGM for $8.5B

March 17 (UPI) -- Amazon has closed the $8.5 billion deal to acquire MGM, the companies announced Thursday.

The acquisition of the nearly century-old Hollywood film studio and home of the James Bond franchise "will compliment Prime Video and Amazon Studios' work," Amazon said in a statement.

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"Together, the teams will provide more quality entertainment options for viewers," the statement added.

MGM, which has a catalog of more than 4,000 film titles, 17,000 TV episodes, 180 Academy Awards, and 100 Emmy Awards, also has other franchise hits, including Rocky, Thelma & Louise, and The Silence of the Lambs, the company noted.

"MGM has a nearly century-long legacy of producing exceptional entertainment, and we share their commitment to delivering a broad slate of original films and television shows to a global audience," Mike Hopkins, senior vice president of Prime Video and Amazon Studios, said in a statement. "We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers."

Amazon announced last May it planned to acquire MGM and since then, has worked its way through the regulatory process.

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Earlier this week, Amazon won unconditional European Union antitrust approval for the $8.5 billion acquisition.

The European Commission said the deal would not create competition concerns in Europe.

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