Amazon buys rest of Lovefilm

Online shop pioneer Amazon will soon become the new owner of film and game rental service Lovefilm.

The deal means Amazon agrees to buy the remaining 58 per cent of Lovefilm on top of the 42 per cent it already owns.

How much did Amazon pay? We don't know - the figure is undisclosed, according to Reuters.

Lovefilm posts games and films to members for them to play or watch until they've had enough and want to send them back. When they do, Lovefilm has a quick look at their wish-lists, selects another title, and sends that out.

Lovefilm has also started streaming films online, both on PC and PS3. It's a service US counterpart Netflix (available on PS3, Xbox 360 and Wii) has invested heavily in.