Amazon.com Closes Deal to Buy MGM Movie Studio

Amazon.com Closes Deal to Buy MGM Movie Studio
Smartphone with Amazon logo in front of displayed MGM logo in this illustration taken on May 26, 2021. Dado Ruvic/Illustration/Reuters
Reuters
Updated:

WASHINGTON—Amazon.com Inc. on Thursday said it had closed its $8.5 billion deal to buy MGM, combining the fabled moviemaker behind “Rocky” and James Bond with the online retailing giant as it looks to draw consumers through more streaming video.

In a statement, Amazon said it would welcome all MGM employees to the company and work with the studio’s leadership, indicating there would not be layoffs. Its decision to close comes after a deadline passed for the U.S. Federal Trade Commission to challenge the deal.