Tech giant Amazon announced Thursday that it had closed its acquisition of Hollywood studio Metro-Goldwyn-Mayer (MGM).
The $8.5b deal makes it Amazon's second-largest acquisition, following its $13.7b deal with Whole Foods in 2017.
The decision not to sue Amazon's acquisition of MGM is a significant setback for the Federal Trade Commission and the anti-monopolist cause. The lack of a Dem. majority on the FTC is allowing huge companies like Amazon to take over and dominate more-and-more sectors without political or regulatory challenge. This merger reflects a sad truth about the extent of the power of companies over unions in the US.
The merger has been approved unconditionally by the EU's antitrust regulator due to the limited overlaps between Amazon and MGM businesses. The European Commission have also given the deal the green light. Amazon's request that the Dem. FTC Chair Lina Khan be blocked from participating in antitrust reviews is reasonable given her past public opposition to big tech companies.