EU sets date for Amazon-MGM deal decision

The European Union has set a deadline of March 15 to decide on Amazon’s proposed takeover of iconic film studio MGM.

Amazon agreed an US$8.45 billion deal to acquire MGM earlier in mid-2021. The deal would represent Amazon’s second biggest-ever acquisition, and would see the studio behind shows such as The Handmaid’s Tale and Vikings fall under the retail giant’s umbrella.

The takeover is currently being reviewed by EU antitrust regulators, and a new filing released on Tuesday showed that the body will make a decision by March 15.

Amazon wants to buy the studio, which owns and operates the Epix pay TV channel in the US, in order to boost its streaming library. The acquisition would increase Amazon’s streaming library to more than 55,000 titles, compared to just under 20,000 offered by Netflix.

Should the deal be approved by the EU, it will still face the small matter of securing approval from the US Federal Trade Commission (FTC). In late 2021, four major US unions called on the FTC to block the takeover, arguing that it would give it a greater incentive to discriminate against rivals.