Amazon has confirmed that they will be the new owner of film and game rental service Lovefilm. Amazon today agreed to buy the remaining 58% of Lovefilm on top of the 42% they already owned. No one knows how much they paid for the service, but we hope it wasn’t much as their online streaming is currently terrible (especially on the PS3). Many see this move as part of Amazon’s plans to combat Netflix, as the US company plans to expand their business into the UK and beyond.

Lovefilm started out as a rental company that posted games and films to people. They still do that, but they are currently in the process of pushing online streaming. Currently they can only do this on the PC and PS3, but they have plans to expand to the 360 and Wii too.