Amazon today announced that it has acquired the remaining shares in LoveFilm. Reports value the deal at $320m.

Online retail giant Amazon today announced that it has acquired film subscription service LoveFilm. Amazon previously held a 40% stake in the company.

The remaining shares have been acquired from a number of venture capital firms in Europe such as Balderton Capital, DFJ Esprit and Index Ventures.

In 2008 LoveFilm International struck a deal to acquire’s DVD rental business in the UK and Germany. As part of the transaction, Amazon Europe made a cast investment to become the largest shareholder in LoveFilm International.

Speaking to Screen, LoveFilm chief marketing officer Simon Morris said: “This is a good thing for us. We’ve known each other since 2008. Amazon has got fantastic global resources and we have an exciting and innovative business. Together we have great synergy. They see investing in LoveFilm as a way of growing the company even faster and more innovatively. It is a good fit for their growing portfolio of retail and digital services in Europe.”

Morris said that he did not immediately anticipate any significant restructuring at the company: “Amazon is investing in the LoveFilm brand. They have a track record of buying into the company and supporting it and that is what is happening here.”

Asked if he anticipated LoveFilm expanding beyond its existing five territories, Morris added: “I would like to think so. It’s early, but I’d like to think so.”

LoveFilm currently has nearly 1.6m members and operates in the UK, Germany, Sweden, Denmark, and Norway.