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Amazon to buy out European movie rental and streaming service LoveFilm

After merging its DVD rental business with LoveFilm in 2008, Amazon has now agreed to buy all of the remaining shares for $312 million. Pending regulatory approval, the deal will complete in the first quarter of 2011.

LoveFilm, with extensive distribution rights in the UK, Germany, Sweden, Norway and Denmark, is usually referred to as the 'Netflix of Europe,' and this purchase is obviously intended to give Amazon a strong entry into the European DVD rental and online streaming market. Amazon is hoping that LoveFilm's entrenchment will be enough to beat out Netflix, which after conquering America must surely have its sights set on Europe.

Tags: amazon, lovefilm, movies, netflix, streaming, video, video on demand, VideoOnDemand, web