Entertainment News | EU Regulators Clear Amazon's $8.45 Billion Purchase of MGM

London, Mar 15 (AP) European regulators on Tuesday cleared Amazon's purchase of Hollywood studio MGM, saying the deal doesn't raise any competition concerns.

The online shopping giant said last year that it was buying MGM in a USD 8.45 billion deal aimed at bulking up its video streaming service with more content to watch.

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The European Commission said its investigation found the deal “would not significantly reduce competition" in European markets, including for movie and TV production, wholesale supply of TV channels and retail supply of “audiovisual services."

The commission, the European Union's executive arm, and its top competition watchdog said MGM's content can't be considered “must-have" and it's “not among the top production studios,” despite holding the rights to successful franchises including James Bond.

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Known for its roaring lion logo, MGM is one of the oldest studios in Hollywood but its star has faded considerably over the years.

It still has a vast library, with famous characters such as Rocky, RoboCop and Pink Panther, which Amazon has said it would use to create new movies and shows. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)