Amazon is going to merge its video streaming business with its own media giant, a source familiar with the matter told TheWrap.
The deal, first reported by The Wall Street Journal, will create the world’s largest video streaming platform.
The news comes after the company said it would cut roughly 10% of its workforce in January, but declined to disclose its reasons for the decision.
The move follows a wave of consolidation that has disrupted the industry in recent years.
Netflix has been moving into video and online advertising, and Amazon, whose Prime Video service dominates the video and video-on-demand market, is expanding its digital business.
The two companies also recently signed an agreement to buy streaming service Amazon Prime, though it remains to be seen whether the deal will be finalized.