Amazon has completed its $8.45 billion acquisition of Metro-Goldwyn-Mayer, bringing one of Hollywood’s most recognizable studios into a technology company whose streaming ambitions increasingly depend on exclusive franchises, deep content libraries and global distribution.

The transaction closed Thursday after clearing European review and without a Federal Trade Commission challenge before the waiting period expired. In its announcement, Amazon said MGM brings more than 4,000 films and 17,000 television episodes, along with franchises including James Bond, Rocky and Creed.

The acquisition gives Amazon more than a catalog. It acquires a functioning film and television studio with production relationships, intellectual property and a century of entertainment history at a moment when streaming companies are spending heavily to secure programming that can attract and retain subscribers.

A technology company buys a Hollywood institution

MGM’s value lies partly in a library that can be distributed through Amazon Prime Video, licensed to third parties or developed into new productions. The studio also owns or controls interests in television properties and film brands that can generate sequels, spinoffs and other adaptations.

The Washington Post reported that the deal gives Amazon a stronger entertainment portfolio as it competes with Netflix, Disney, WarnerMedia, Apple and other services for viewers’ time and subscription spending.

The transaction also demonstrates how streaming has changed the economics of media ownership. A deep library once generated value primarily through theatrical releases, television syndication and home video. Today, decades of content can help reduce subscriber churn and provide a steady flow of recognizable titles across a digital platform.

Bloomberg reported that the closing follows Amazon’s announcement of the deal last May and represents the company’s second-largest acquisition after Whole Foods Market.

Prime becomes a broader entertainment bundle

Amazon’s streaming strategy differs from that of a pure-play media company because Prime Video sits inside a larger membership program tied to shipping, music, shopping and other services. That makes the value of a hit series or film difficult to measure solely through direct streaming revenue.

A popular MGM title can help attract viewers, encourage existing Prime members to remain in the ecosystem and create opportunities for merchandise, advertising and other commerce. Amazon can also distribute content internationally using infrastructure it already operates for digital media.

TechCrunch noted that MGM’s catalog expands Amazon’s ability to compete in a market where rivals increasingly rely on owned franchises rather than licensed programming that can disappear when contracts expire.

The strategy carries substantial costs. Major studios require continuous investment in production, talent and marketing, while streaming services face pressure to release new programming frequently. A large historical catalog can support engagement, but subscribers often respond most strongly to fresh, high-profile content.

Regulatory scrutiny does not disappear with closing

The deal closes during a period of intense scrutiny of large technology companies. Amazon faces investigations and criticism over its power in e-commerce, cloud computing and digital platforms, while U.S. antitrust officials have signaled a more skeptical approach to consolidation.

Axios reported that the FTC still has authority to challenge a completed transaction even though it did not act before the companies closed. That possibility leaves some regulatory uncertainty around the acquisition.

The antitrust question is different from a traditional studio merger because Amazon’s power comes from multiple businesses. Critics can argue that cash generated by e-commerce and cloud computing enables the company to acquire media assets that strengthen a broader ecosystem. Amazon can respond that the entertainment market remains crowded with well-funded rivals and that MGM is smaller than several competing studios.

Forbes reported that the acquisition proceeded after European regulators approved it, while U.S. review remained closely watched.

The next question is what Amazon builds from MGM

Owning James Bond does not give Amazon unlimited control over every future decision involving the franchise, because the Broccoli family retains important creative authority. Other MGM properties may provide more direct opportunities for new series and films.

Amazon will also have to decide how much of MGM’s library stays exclusive to Prime Video and how much continues to be licensed elsewhere. Exclusivity can strengthen Prime, but licensing can generate cash and expose properties to wider audiences.

TheWrap reported that MGM employees and operations are now joining Amazon’s entertainment organization, beginning the practical work of integration after months of regulatory waiting.

The acquisition arrives as nearly every major media company is reordering itself around streaming. Disney has Disney+, WarnerMedia and Discovery are moving toward a combination, Paramount is building Paramount+, and Apple continues spending aggressively on original programming. Netflix remains the largest dedicated streaming competitor but lacks the diversified business model of Amazon.

MGM gives Amazon a larger position in that contest and a store of intellectual property that can be developed for years. The $8.45 billion purchase price reflects a belief that a studio library is not merely old content; in a subscription economy, it is a recurring asset that can support new productions, global distribution and customer retention across a technology platform far larger than Hollywood itself.