The Federal Trade Commission is reportedly preparing to review Amazon’s planned $8.45 billion deal with MGM, according to a report from The Wall Street Journal (via Deadline).
The move comes as the FTC gains a new chairwoman who has recently called for the reining in of the power tech giants and other online platforms have had over the past few years. Both an FTC and Amazon spokesperson had no comment when reached out to by Deadline, so it’s unknown just how long the investigation could last.
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Despite many not believing that the government will be able to block the merger, Amazon’s acquisition of MGM was something that drew ire from a ton of politicians on Capitol Hill, with many wanting regulators to closely review and inspect the deal before it was done.
After announcing the stunning merger earlier this year, Amazon has since expanded on its goals with the move. Through this acquisition, Amazon plans to help preserve MGM’s near-century-long film heritage and catalog of films by providing customers with greater access to these existing works. Amazon would empower MGM to continue to do what they do best: great storytelling.
MGM currently has ownership of over 4000 titles and 17,000 hours of television programming. This includes big franchises such as the James Bond films (with No Time to Die currently slated for October 8, 2021), Rocky, The Hobbit, Pink Panther, Candyman, and RoboCop as well as acclaimed TV series The Handmaid’s Tale and Stargate.
“MGM has a vast catalog with more than 4,000 films … as well as 17,000 TV shows … that have collectively won more than 180 Academy Awards and 100 Emmys,” Senior Vice President of Prime Video and Amazon Studios, Mike Hopkins said. “The real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM’s talented team. It’s very exciting and provides so many opportunities for high-quality storytelling.”
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The studio also has the rights to upcoming projects such as Henry Golding-led G.I. Joe spinoff Snake Eyes; the Aretha Franklin biopic Respect; Nia DaCosta’s Candyman pic; Ridley Scott’s star-studded crime drama film House of Gucci; a third Creed film; a Pink Panther reboot; Ron Howard’s Thai cave rescue film Thirteen Lives; Peter Dinklage-led musical film Cyrano; a Tomb Raider sequel starring Alicia Vikander; the long-awaited Legally Blonde sequel featuring the return of Reese Witherspoon’s Elle Woods; and George Miller’s epic fantasy film Three Thousand Years of Longing.
