Amazon wins EU Antitrust Nod

United States-based E-commerce giant- Amazon on Tuesday received unconditional EU antitrust approval for its proposed $8.5 billion acquisition of U.S. movie studio MGM. This acquisition will help Amazon to compete with streaming rivals Netflix and Disney+. The European Commission informed that the deal would not pose competition concerns in Europe. The Commission in its statement said: "The addition of MGM's content into Amazon's Prime Video offer would not have a significant impact on Amazon's position as provider of marketplace services." The EU competition enforcer told it had looked into overlaps between the world's largest online retailer, Amazon, and MGM in audio-visual content and found that the combined market shares are low and that they have strong rivals. Amazon after receiving the nod said that it was pleased with the EU clearance. Analyst says that this deal will increase the subscribers of Amazon's video streaming service and attract people to subscribe to Amazon Prime. Prime Membership other than offering streaming services, also offers fast shipping and encourages consumers to shop more regularly.