Amazon.net Inc. will acquire local-based opera company, New York City Opera, for an undisclosed amount, according to the Wall Street Journal.
The acquisition is expected to close within the next 12 months.
The news comes after New York’s Metropolitan Opera Company, which runs the Metropolitan Opera, said in February it would close its New York and Hartford-based operations.
The Metropolitan Opera will no longer be able to operate the New York-based Opera House at New York University and the New Jersey Opera, as well as at the Met, according the Wall Journal.
Amazon will also pay the New Yorkers $2.5 million a year to run the opera, according its press release.
New York Mayor Bill de Blasio said the news was “a great day for the City of New York” when it was announced last month.
The opera was set up by the New Yorker Foundation and the nonprofit New York Public Library.
The city of New Orleans, which had planned to close its Met Opera when it shut down in February, was also planning to close it.
In addition to the NewYork and Hartford opera companies, Amazon has been a major investor in Opera House operator and online-video company Netflix.
The company also invested $500 million in music streaming service Spotify.