Amazon Buys Video-Software Company Elemental

Bloomberg: Amazon is buying Elemental Technologies, a provider of technology for distributing videos to web-connected devices, seeking to expand its portfolio of cloud-computing services. The online retailer is said to have paid about $500 million for Elemental. The Portland, Ore.-based company helps media and entertainment providers reformat video made for cable, satellite and airwaves broadcast so that clips can be transmitted to desktop computers, smartphones and tablets.