EU regulators clear Amazon's $8.45 billion purchase of MGM

LONDON (AP) - European regulators on Tuesday cleared Amazon's purchase of Hollywood studio MGM, saying the deal doesn't raise any competition concerns.

The online shopping giant said last year that it was buying MGM in a $8.45 billion deal aimed at bulking up its video streaming service with more content to watch.

The European Commission said its investigation found the deal 'œwould not significantly reduce competition" in European markets, including for movie and TV production, wholesale supply of TV channels and retail supply of 'œaudiovisual services."

The commission, the European Union's executive arm, and its top competition watchdog said MGM's content can't be considered 'œmust-have" and it's 'œnot among the top production studios,'ť despite holding the rights to successful franchises including James Bond.

Known for its roaring lion logo, MGM is one of the oldest studios in Hollywood but its star has faded considerably over the years.

It still has a vast library, with famous characters such as Rocky, RoboCop and Pink Panther, which Amazon has said it would use to create new movies and shows.