Amazon to buy video streaming site Twitch

Amazon Inc. has agreed to acquire Twitch, a live-streaming service for video games, for approximately $970 million in cashb according to the Wall Street Journal.

With the acquisition, the company could bolster its position in the business of online gaming. According to the Wall Street Journal, Twitch gives Amazon the technology to compete with video-streaming rivals Netflix and YouTube.

"We look forward to learning from them and helping them move even faster to build new services for the gaming community," Amazon CEO Jeff Bezos said in a news release.

Twitch generates revenue by advertising its games and via subscribers who pay a few dollars a month to watch.

Twitch launched in June 2011 and is the most popular Internet destination for watching and broadcasting video game play, according to the Wall Street Journal.

Read more from the Wall Street Journal.