Word on the street is that Amazon is set to become LoveFilm’s largest shareholder in a deal that includes rebranding its UK and German DVD rental business under the LoveFilm banner has got to be a good thing.

Amazon Europe will also make a cash investment in LoveFilm to become the largest shareholder in LoveFilm International and the two companies will also enter an agreement in which Amazon will promote LoveFilm’s services on its sites for UK and German customers. Following completion of the deal, the LoveFilm subscriber base will expand to over 900,000 customers, predominantly in the UK and Germany, but also in Sweden, Norway and Denmark.

Awesome.