Mergers and Acquistions News
Categories: Media & Information Services
January 20th 2011, 17:02PM
Online retail giant Amazon will acquire 58 per cent of DVD rental service LOVEFiLM to give it full control of the company.
Amazon acquired the other 42 per cent in 2008 when it merged its own rental unit with LOVEFiLM.
LOVEFiLM is a successful European DVD and games subscription business which offers customers rental-by-post and internet streaming services. It operates in the UK, Germany, Sweden, Denmark, and Norway and currently has over 1.5 million customers.
It bolstered its digital provision in March last year when it introduced its LOVEFiLM player, enabling customers to watch films on their TVs, PCs or PlayStation 3 console.
"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 International.
"With Amazon's unequivocal support we can significantly enhance our members' experience across Europe."
Writing on his blog, Saul Klein of Index Ventures, one of LOVEFiLM's investors said: "To do this anywhere is great, to do this in the UK and Europe, makes LOVEFiLM a real success story."
Subject to customary closing conditions, the transaction is expected to complete in the first quarter of 2011.
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