Amazon is acquiring video streaming platform Amazon Entertainment Center, the company announced Tuesday.
The acquisition is subject to customary closing conditions, including a closing price of $3 per share.
The deal closes in the fourth quarter of 2020.
Amazon has been experimenting with video streaming platforms, especially video-on-demand services like Amazon Prime Video, which are currently in the early stages of expanding.
It’s also acquiring streaming-video apps like Hulu Plus.
Amazon’s deal with Amazones Entertainment Center is a first for the company.
The company is known for its video streaming services, including its original shows and movies.
The acquisition will allow Amazon to take full advantage of the content streaming services it already offers.
The deal will also be an opportunity for Amazon to gain access to content that’s already available on its existing video platforms, like Netflix, Amazon Instant Video, and its own original series and films.
The acquisitions also give Amazon a competitive edge when it comes to attracting new viewers to its video-streaming services.