Amazon.com’s (AMZN.O) talks to acquire MGM Holdings deserve a critical review. The $1.7 trillion e-commerce giant already has huge clout in what consumers buy. Buying the studio that owns James Bond and Rocky would make it a bigger force in what they watch too. For U.S. competition watchdogs, Amazon’s creep into every facet of its customers’ lives is an invitation to yell “cut.”

In the traditional, narrow view of American antitrust laws, the deal isn’t a major problem. The Information reported on Monday that Amazon was in talks to acquire privately held MGM, which filed for bankruptcy in the wake of the 2008 financial crisis. A deal could be valued around $9 billion. Amazon Studios, which made the latest Borat movie, is still an upstart against behemoths like Comcast’s (CMCSA.O) Universal Pictures and Warner Bros, which AT&T (T.N) agreed this week to hand over to Discovery (DISCA.O). MGM doesn’t even rank among the top 10 studios by box office sales.

But widening the lens reveals reasons for concern. Amazon’s scale and resources, arguably fattened further by state-enforced.

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