Amazon has acquired Netflix for $970 billion in cash, putting the streaming service in a position to become the largest media company in the world.
It’s a significant step forward for the company, which has been struggling with falling subscriber numbers and declining profits.
“Amazon is an exceptional partner for our customers,” said Bob Carr, Amazon’s CEO.
“They are not only the world’s largest Internet service provider, but also the world leader in delivering video content to millions of devices, including Amazon Fire tablets, Kindle devices and streaming-media players.
We look forward to working with them as we continue to grow our media offerings.”
Netflix had reported a loss of $2.4 billion for the first half of the year.
The company is hoping to boost revenues by $1 billion this year.