Amazon is spending $500 million to make internet videos a little better (AMZN)

Amazon's cloud infrastructure business, AWS, is buying the backend video service Elemental Technologies, the companies just announced in a press release. The Information first reported the news, pegging the price at $500 million, though Amazon declined to comment on that number. Elemental's technology helps big media and entertainment companies like CNN, ESPN, or HBO take their video — originally intended for cable or broadcast — and reformat it to work better on mobile and desktop. So, it p...