Amazon closes deal to acquire Hollywood studio MGM

Amazon announced the completion of its acquisition of Hollywood studio MGM on Thursday.

Amazon.com Inc on Thursday said it was closing its $8.5 billion deal to buy MGM, combining the fabled movie maker behind "Rocky" and "James Bond" with the online retailing giant as it looks to draw consumers through more streaming video.

In a blog post, Amazon said it would welcome all MGM employees to the company and work with the studio's leadership, indicating there would not be layoffs. Its decision to close comes after a deadline passed for the U.S. Federal Trade Commission to challenge the deal.

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