In media news, Amazon announced Wednesday it was acquiring MGM Studios for $8.45 billion, its second-largest acquisition after Whole Foods. With the purchase, Amazon will add the James Bond franchise and thousands of older films to its Prime Video streaming catalog. In a statement, Public Citizen said, “Amazon is prioritizing monopolizing content for the streaming service while completely failing to address the real concerns of workers, small businesses, and regulators. This massive dominant monopoly needs to be broken up.” The planned merger comes on the heels of a $130 billion merger between WarnerMedia and Discovery. WarnerMedia was spun off of Time Warner, which AT&T acquired in 2018 for $85 billion.
Amazon Announces Deal to Acquire MGM Studios; WarnerMedia to Merge with Discovery
HeadlineMay 28, 2021