Amazon to Buy Rest of Lovefilm to Compete With Netflix

Amazon.com Inc., the largest online retailer, agreed to buy the remaining shares of Lovefilm International Ltd., a U.K.-based DVD and Internet film-rental service, to compete with rivals such as Netflix Inc.

Amazon paid $320 million for the stake it didn’t already own, according to three people familiar with the matter, who requested anonymity because the terms are private. The purchase is expected to close this quarter, the companies said in a joint statement today.

Amazon’s existing relationships with film studios may help Lovefilm sign more deals to stream content online. The Seattle- based e-commerce company is expanding its selection of digital music, movies and games, and in November introduced Amazon Studios, a project that gives filmmakers and writers a platform for their movie ideas.

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- Posted: 2011-01-20 13:14:27

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