Amazon Expands Further With Full Acquisition of LoveFilm
Amazon has now acquired full ownership of online movie retailer LoveFilm by buying their remaining shares - it had previously owned 42% of the company since the merger of its DVD rental division in the UK and Germany with LoveFilm in 2008. The deal is due to be finalised this quarter.
There will be no changes made to the LoveFilm brand and its management structure will remain the same. The companies are however looking to recruit further staff to develop both the digital and physical aspects of their integrated business.
Amazon's VP of European Retail, Greg Greeley, confirmed, "The last thing we want to do is downsize. This is about growth so we'll see more staff added, but no restructuring that will go the other way."
CEO of LoveFilm International, Simon Calver, further commented, "The brand and business will carry on running as it as and the management team will continue. Our goal in working with Amazon is to see how quickly we can offer the broadest possible offering to the broadest customer base... If you combine the brand innovation and experience of LoveFilm with scale and expertise at Amazon, it throws up nothing but exciting opportunities."