Breaking News

#GJNEWS: Amazon to purchase socialsite Goodreads. Inc., the world's biggest online retailer that got its start in bookselling, has agreed to buy book recommendations site Goodreads.
Financial terms of the deal were not disclosed.
Amazon said Thursday that it "shares a
passion for reinventing reading," with

"Goodreads has helped change how we
discover and discuss books and, with Kindle,
Amazon has helped expand reading around
the world," said Russ Grandinetti, vice
president of Kindle content for Amazon. "In
addition, both Amazon and Goodreads have
helped thousands of authors reach a wider
audience and make a better living at their
craft. Together we intend to build many new
ways to delight readers and authors alike."

In addition to recommending books to read
based on other books people have liked,
Goodreads also serves as a social network for
bookworms. It has 16 million members and
was founded in 2007.
The deal is expected to close in the second
quarter. Seattle-based Inc. says
Goodreads headquarters will remain in San

"Goodreads is a place for all readers no
matter what books they read or how they read
them, and we expect to keep it that way," said
Amazon spokeswoman Kinley Pearsall in a
statement, citing Zappos and the movie
information website IMDb as examples.
Amazon owns both but has kept them as
stand-alone businesses.

Shares of Seattle-based Amazon closed up
$1.19 at $266.49.


No comments