Critics of the deal, announced Wednesday, say it will hurt U.S. workers, consumers and democracy.
Defender experienced censorship on many social channels. Be sure to keep in touch with news that matters subscribe to our top news of the day. It’s free.
Progressive opponents of the merger are pushing the Biden administration to intervene afterwards. Amazon Office has partnered Wednesday agreed to acquire Hollywood film and television studio MGM for nearly $ 8.5 billion, a deal criticized by critics that would hurt U.S. workers, consumers and democracy.
“In announcing MGM’s plans to buy, Jeff Bezos put a big softball on a tee for the Biden administration to knock down the fence, ”Barry Lynn, executive director of the Open Markets Institute, said in a statement. “It should be blocked immediately.”
According to the Wall Street Journal reports, Amazon’s purchase of MGM’s net e-commerce behemoth “a library of more than 4,000 movies, including iconic franchises like‘ James Bond ’and‘ Rocky, ’and classics like‘ The Silence of the Lambs, ” Raging Bull, ‘and ’12 Angry Men.’ ”
“The TV catalog features critically acclaimed performances such as‘ The Handmaid’s Tale, ’‘ Fargo ’and‘ Vikings, ’” the newspaper said.
Made public a few days after AT&T Office has partnered a $ 43 billion deal to merge WarnerMedia’s content arm with Discovery, Amazon’s acquisition of MGM, according to the Financial Times, “propel[s] Media deal making to date this year is at its highest level since the beginning of the century with more than $ 240 billion worth of transactions announced. ”
The new acquisition has prompted fresh calls for congressional action to dismantle Amazon, which in recent years has become a bystander. CEBU as “a lot of unrelated businesses under one roof.”
“Amazon should be torn apart from warehouses,” Zephyr Teachout, associate professor of law at Fordham University, said. tweet Wednesday. “This wrong MGM is exactly the wrong direction. Stop the monopoly madness. ”
Rep. David Cicilline (DR.I.), chairman of the House Antitrust Subcomm Committee, arguing that Amazon’s planned acquisition of MGM in Amazon “strengthens what we already know-they’re focusing the laser on expanding and consolidating their power monopoly.”
Another day. Another mega unification. MGM’s proposed acquisition of Amazon reinforces what we already know-they are laser-focused on expanding and consolidating their power monopoly. That’s bad for workers, consumers, and small businesses.
– David Cicilline (@davidcicilline) May 26, 2021
The news of Amazon’s move to buy MGM came hours after Washington, DC Attorney General Karl Racine filed suit against the corporate giant on Tuesday for “illegally abusing and maintaining its monopoly power by controlling prices in the online retail market.”
“Amazon is using its dominant position in the online retail market to win at all costs,” Racine said in a statement. “It increases spending revenue for third-party sellers and consumers, while damaging competition, stifling innovation and illegally leveling the toy in its favor.
This is it not clear how regulators in the Biden administration responded to Amazon’s acquisition of MGM, the tech giant’s most buying media. Critically, President Joe Biden has not yet elected an official to head the Justice Department’s Antitrust Division – and progressives have raised alarm of some of the floating candidates for the key post so far.
In her statement Wednesday, Lynn told the Open Markets Institute that the Amazon-MGM deal “underscores the need for the Biden administration to use its appointment of an Antitrust Division chief within the Department of Justice and a new- seat for the Federal. The Trade Commission has shown that it takes seriously America’s monopoly crisis. ”
“The deal is that it’s not good for anyone to watch a movie in the cinema or stream a movie and other online,” Lynn said. “It’s not good for people to write, film, edit, create and act. This is bad for the workers. And it’s bad for American democracy.
Originally published on Common Dreams.