NEW YORK (

TheStreet

) --

Amazon

(AMZN) - Get Report

acquired what is known as the "

Netflix

(NFLX) - Get Report

of Europe."

The e-commerce giant bought out the remaining shares of

LoveFilm

, a DVD-by-mail company, for $320 million. Amazon already owned 42% of LoveFilm.

Netflix has yet to venture to Europe, embarking on its first international expansion in the fall with its move into Canada.

-- Written by Jeanine Poggi in New York.

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