AMZN - Big unions urge FTC to reject Amazon's $8.5 billion MGM purchase

Four unions are coming out against Amazon.com's (NASDAQ:AMZN) $8.45 billion proposal to buy MGM Studios (OTC:MGMB), urging the Federal Trade Commission to reject the deal on antitrust grounds. The Service Employees International Union, International Brotherhood of Teamsters, Communications Workers of America and the United Farmworkers all wrote the FTC saying the deal would give Amazon greater incentive to discriminate against its rivals. It would bring Amazon Prime Video's library to more than 55,000 titles and counting, dwarfing Netflix's library of nearly 20,000 titles, the unions note. "With control over MGM's vast library, Amazon may acquire enough market power over streaming content to raise prices for (streaming video-on-demand) competitors or for SVOD consumers," they write. The FTC had opened a thorough investigation into the deal in July, signaling any closing was a long ways off.

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Big unions urge FTC to reject Amazon's $8.5 billion MGM purchase