Amazon purchases LoveFilm in £200m deal
Amazon has purchased the subscription film service LoveFilm in a deal reported to be valued at around £200m.
The growing popularity of streaming entertainment content has seen the UK film rental service reach 1.4m subscribers across Europe, a reach which proved attractive to the world’s largest online retailer.
Greg Greeley, Amazon's vice president of European retail, said: "LoveFilm has been innovating on behalf of movie rental customers across Europe for many years and with the advent of the LoveFilm player, they are further delighting customers by streaming digital movies for their immediate enjoyment."
The deal is subject to European regulatory approval but if sanctioned will complete in the first quarter of 2011.