We have been talking about this since September of last year. Popular etailer Amazon has finally confirmed these long-standing rumors with an announcement today that they are acquiring the remaining stakes in popular European online movie streaming, LoveFilm. The deal is expected to get all the required regulatory clearings by the end of this quarter.
LoveFilm has a good presence in both movie streaming as well movie rental market in UK, Germany, Sweden, Norway and Denmark. The company had also recently announced their foray into alternate movie streaming channels like PlayStation 3 and Blu-ray players. The acquisition will give Amazon a terrific boost in its aspirations to improve its presence in the lucrative European market.
The value of the deal has not been announced although it was learned to be in the range of £200 million last time. Amazon stocks in Frankfurt (Frankfurt: AMZ.F) have fallen 0.12% in the opening hours of trade.