Undated handout file photo issued by Danjaq, LLC/MGM of Daniel Craig playing James Bond in the new Bond film No Time To Die. The long-delayed James Bond film No Time To Die will finally be unveiled this week and star Daniel Craig has said he hopes it will provide a shot in the arm for cinemas following long closures due to the pandemic. Issue date: Monday September 27, 2021.

EU regulators clear Amazon’s £6.48bn purchase of MGM

European regulators have cleared Amazon’s purchase of Hollywood studio MGM, saying the deal does not raise any competition concerns.

The online shopping giant said last year that it was buying MGM in a 8.45 billion dollar (£6.48 billion) deal aimed at bulking up its video-streaming service with more content.

The European Commission said its investigation found the deal “would not significantly reduce competition” in European markets, including for movie and TV production, wholesale supply of TV channels and retail supply of “audiovisual services”.

The commission and its top competition watchdog said MGM’s content cannot be considered “must-have” and it is “not among the top production studios”, despite holding the rights to big franchises including James Bond.

Known for its roaring lion logo, MGM is one of the oldest studios in Hollywood but its star has faded considerably over the years.

It still has a vast library, with famous characters such as Rocky, RoboCop and Pink Panther, which Amazon has said it would use to create new movies and shows.

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