Suggestions




Amazon Set To Acquire Famous MGM in $8.5 Billion Deal

March 15, 2022
by
Amazon Set To Acquire Famous MGM in $8.5 Billion Deal
Amazon Set To Acquire Famous MGM in $8.5 Billion Deal

Plans have been concluded for the world’s largest online retailer, Amazon.com Inc to buy MGM, which is the fabled studio behind “Rocky” and “James Bond” as the mid-March deadline for regulators to challenge the online retailer’s merger plan has approached.

The move, which is expected to ramp up competition with streaming rivals, Netflix and Disney+, would reportedly strengthen Amazon’s video streaming service as people would be tantalised to subscribe to its Prime fast-shipping and streaming club.

Join our WhatsApp Channel

Great as this may sound, it is, however, unclear exactly when the internet giant might close the deal since the US Federal Trade Commission (FTC) is yet to officially determine whether MGM merger violates the antitrust law.

Amazon had in May 2021, announced the merger and acquisition deal, explaining that it offered a trove of content for the company to develop and draw more patronage to its business offerings.

But the FTC butted in, requesting that the online retailer substantially allow the Antitrust agencies in the United States and Europe to do their job, first. They, reportedly, needed to decide if Amazon’s proposed US$8.5 billion deal for MGM broke antitrust law.

Prime Business Africa reports that the US and EU antitrust agencies have approached their own mid-March deadline for making a decision on whether the deal violates antitrust law or not.  While the EU is set to clear the planned acquisition without conditions today, March 15, 2022, the US FTC is yet to give it a nod.

It will be recalled that the FTC Chair, Lina Khan, gained internet fame with a law review article entitled, “Amazon’s Antitrust Paradox,” during former President Donald Trump administration. This reportedly, ended up, opening a broader antitrust probe on Amazon and other big tech platforms like Facebook and Google.

+ posts

Queen Nwabueze

Related Posts

Previous Story

Aviation Fuel To Sell For N500, Air Ticket May Rise Up To N85k

Next Story

Saudi Media Group Becomes Latest Suitors To Show Chelsea Interest

Featured Stories

Related Posts

Latest from News

At Least 33 Killed in Kebbi State Cattle-Rustling Attack

At least 33 people have been killed in an attack on Bui District in Arewa Local Government Area, Kebbi State, police have confirmed. Spokesman Bashir Usman said suspected cattle rustlers, believed to be Lakurawa militants, carried out the assault after crossing into

Sierra Leone Honours Nigerian Military Officers for Peace Efforts

The President of Sierra Leone, Julius Maada Bio, has awarded national honours to two senior Nigerian military officers in recognition of their contributions to peace and regional stability. The awards were presented during the 17th Armed Forces Day celebration of the Republic
Previous Story

Aviation Fuel To Sell For N500, Air Ticket May Rise Up To N85k

Next Story

Saudi Media Group Becomes Latest Suitors To Show Chelsea Interest

Don't Miss

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 1st July 2025

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 20th January 2025

What is the Dollar to Naira Exchange rate at the

UNN Students Defy ASUU Strike, Hold Cultural Day, Crown New ‘King’

By Akuma Elijah The Faculty of Arts Students Association (FASA),