Amazon buys Lovefilm movie service


Amazon buys Lovefilm movie service

Angelica Mari

Online retail giant Amazon has agreed to buy rental-by-post movie and streaming company Lovefilm.

Market commentators have speculated that the deal values the acquired business at about £200m.

Amazon already owned a 40% stake in the company and is now buying the remaining shares, which were owned by venture capital firms Arts Alliance Media, Balderton Capital, DFJ Esprit and Index Ventures.

Lovefilm has a library of 70,000 titles including films and games, as well as a member base of approximately 1.4 million members across Europe. Last summer, the company announced a tie-in with MGM for the streaming of its movies online.

The deal is subject to regulatory clearances and it is expected to close by the first quarter of 2011.

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