Amazon is purchasing a $10.5 billion stake in Prime Video, Amazon’s streaming video platform that offers its customers a full selection of movies and TV shows from major studios and TV networks.
The deal was announced Wednesday in a regulatory filing with the Securities and Exchange Commission.
The $9.8 billion purchase will give Amazon exclusive rights to stream a selection of over 500 movies and television shows from Amazon Studios, a studio headed by former Fox chairman Jeff Bewkes.
Amazon Studios will now be responsible for distributing all of Prime Video.
Amazon said it was not aware of any antitrust concerns.
“Amazon Studios is a new venture that has the potential to build on the vast and growing library of movies, TV shows, games and interactive experiences created by the thousands of people who have signed up for Prime Video,” said Prime Video CEO Kevin Lynch.
“We look forward to working with Prime Video to help Prime Video continue to expand the breadth of content offered to customers across all platforms.”
Amazon announced last year that it was buying a majority stake in the company for $970 million.
The Amazon acquisition was approved by regulators last month.
Prime Video has been plagued with delays, and has been hit with a number of copyright lawsuits.
The streaming video service has been accused of illegally profiting from copyrighted content, which has resulted in many of its employees quitting.
Amazon CEO Jeff Bezos announced in May that he was selling his stake in Amazon to pay for Amazon’s expansion into other areas.
The company has said it will invest $3 billion in new initiatives in the next six months.
Amazon has been investing heavily in expanding its retail business over the past two years.
In December, the company said it would invest $2.2 billion in its first retail store in San Francisco.