Amazon Buys The "Netflix Of Europe"
Online retailer Amazon is buying the 58 percent stake in Lovefilm -- the Netflix of much of Europe -- that it doesn't already own. Terms of the transaction were not disclosed but analysts estimated that The Deal likely valued Lovefilm at $300 million. In a statement, Greg Greeley, Amazon's vice president of European retail, said "Lovefilm has been innovating on behalf of movie rental customers across Europe for many years and with the advent of the Lovefilm player, they are further delighting customers by streaming digital movies for their immediate enjoyment." Lovefilm CEO Simon Calver added that the deal is a winner for those who Love Lovefilm" and added "With Amazon's unequivocal support we can significantly enhance our members' experience across Europe."