Amazon to acquire MGM film studio

US IT giant Amazon says it is acquiring film studio Metro-Goldwyn-Mayer, or MGM, amid competition in the video-streaming business.

Amazon announced on Wednesday it had agreed with MGM to purchase the studio for 8.45 billion dollars.

It is Amazon's second-largest acquisition after it bought supermarket chain Whole Foods Market for 13.7 billion dollars in 2017.

MGM was established in 1924. It has produced many hit movies, including the James Bond and Rocky series, as well as TV shows.

Amid the coronavirus pandemic, more and more people are using online video-streaming services.

Amazon apparently wants to increase its competitiveness with its rivals, such as Netflix and The Walt Disney Company, by obtaining well-known film and TV content through the acquisition.

But critics are accusing IT giants, including Amazon, of hindering competition, taking advantage of their dominant positions.

Whether Amazon will be able to gain regulators' approval for the acquisition is a focus of attention.