NEW YORK ( TheStreet) -- Amazon ( AMZN) acquired what is known as the " Netflix ( NFLX) 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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