Amazon Scoops Up LoveFilm (Europe's Version of Netflix)

Paul Lilly

Amazon today said it reached an agreement to acquire the remaining shares in LoveFilm International Limited, a European DVD-by-mail subscription service very similar to Netflix.

"The deal is a winner for the members who love LoveFilm because of its value, choice, convenience, and innovation in home entertainment," said Simon Calver , Chief Executive of LoveFilm. "With Amazon's unequivocal support we can significantly enhance our members' experience across Europe."

Terms of the deal were not disclosed, though TechCrunch claims to "have it on good authority that LoveFilm was valued at around $312 million for the purposes of the acquisition." Amazon already owned a 42 percent stake in LoveFilm before going all in by scooping up the remaining 58 percent.

In addition to DVD-by-mail rentals, LoveFilm also offers a streaming service accessible via PCs, PlayStation 3 consoles, and some HDTVs. It will be interesting to see what Amazon does with this acquisition, and how it will affect Netflix's plans to march into Europe.

Image Credit: pocket-lint.com

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