Seattle-based online retailer Amazon.com and DVD rental subscription company Lovefilm International said today that Lovefilm will acquire...
LONDON — Seattle-based online retailer Amazon.com and DVD rental subscription company Lovefilm International said today that Lovefilm will acquire Amazon Europe’s DVD rental business in the U.K. and Germany.
As part of the transaction, Amazon Europe will also make a cash investment and become the largest shareholder in Lovefilm International. Amazon Europe will also promote Lovefilm on its sites for British and German customers.
Financial details of the transaction were not disclosed, and the deal must pass regulatory scrutiny in Britain and Germany to be completed, Lovefilm said in a statement.
Following completion of the deal, the new Lovefilm subscriber base will come to more than 900,000 customers predominantly in Britain and Germany, but also in Scandinavia.
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“As one of Europe’s largest online DVD rental businesses, Lovefilm is well-established to serve customers’ increasing demand for entertainment,” said Greg Greeley, Amazon’s vice president of European retail. “Our investment will enable Lovefilm to grow the business further and we are excited to be part of their future.”