Amazon.com completes deal to buy MGM studios

Amazon.com, an American e-commerce company, announced the completion of a deal to buy Metro-Goldwyn-Mayer, which produces videos and films and rents out its video products. The purchase agreement was signed by the parties last year. Regulators in the US and the European Union have approved it. Under the terms of the deal, Amazon.com made the acquisition for $8.45 billion. MGM is known for owning an extensive library of diverse films, including many of the world’s most popular films. Now, thanks to the deal, streaming service Amazon Prime has access to them. After this news, Amazon shares rose in price by 1.2%. Its market value is $1.56 trillion, up 7.1% since the start of the year. The company previously announced that its Amazon Web Service division had stopped registering users in Russia and Belarus.

Source: xCritical.com