The European Commission said the deal would not raise competition concerns in Europe

Amazon received unconditional EU antitrust approval Tuesday for its proposed $8.5 billion acquisition of US film studio MGM to help it compete with streaming rivals Netflix and Disney+.

The European Commission said the deal would not raise competition concerns in Europe, confirmed a report from Reuters on March 9.

The EU competition enforcer said it had looked at overlaps between the world’s largest online retailer and MGM in audiovisual content and found that combined market shares are low and they have strong rivals.

“The addition of MGM’s content to Amazon’s Prime Video offering would not have a significant impact on Amazon’s position as a provider of marketplace services,” the Commission said.

Amazon said it was happy with the EU approval.

The US Federal Trade Commission has a deadline to decide the deal in mid-March, said a person familiar with the matter.

Analysts said the deal would boost Amazon’s video streaming service and attract people to subscribe to Amazon Prime, which also offers fast shipping and encourages consumers to shop more often.

MGM owns the rights to James Bond, one of the most lucrative franchises in movie history that has grossed nearly $7 billion at the box office worldwide.

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