Amazon Aquiring Lovefilm.com, European Netflix-type Rentals

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The online retail giant had owned a minority stake in Lovefilm since 2008 when the latter bought Amazon's DVD rental business, which covered the U.K. and Germany. Fully acquiring Lovefilm is an interesting move for Amazon. The rental company is essentially Europe's answer to Netflix, offering DVD-by-mail rentals, as well as a streaming service available on PCs, the PlayStation 3, and some HDTVs. Lovefilm, which was founded in 2004, currently operates in the U.K., Germany, Sweden, Norway, and Denmark. The company states that it has over 70,000 titles available to its 1.6 million customers. Amazon didn't say what it has planned for Lovefilm, but the acquisition will expand Amazon's video on demand service, which offers streaming or downloading of films in the U.S. Greg Greeley, Amazon's vice president of European retail, did take note of Lovefilm's streaming service in particular in the acquisition announcement.