London – Amazon.com (NASD: AMZN) announced on Thursday that it will
acquire LOVEFiLM, the European online DVD rental and video streaming service.
Seattle-based Amazon will acquire the remaining 58% stake in LOVEFiLM it does
not already own, in a deal that values the company at about $320 million,
people familiar with the deal told The Wall Street Journal.
Founded in 2004,
LOVEFiLM — whose service is quite similar to Netflix — now boasts a catalog
of 70,000 movie and game titles, and counts more than 1.5 million customers in
“LOVEFiLM and Amazon have enjoyed a strong working relationship
since LOVEFiLM acquired Amazon Europe’s DVD rental business in 2008, and we
look forward to a productive and innovative future,” said Greg Greeley,
Amazon’s vice president of European retail.