Press Release: Miscellaneous Announcements
Sainsbury's Moves Into E-book Space With Acquisition Of Majority Stake In Online Books Platform Anobii
Posted at 6:56AM Tuesday 12 Jun 2012
Upgrade to Professional Edition newsletters for just £3 a month
- Formatted for reading on your mobile device or your desktop - you choose!
- HTML emails with direct links to source stories
- Extra content that doesn't appear on our web site
- Desktop and Mobile editions are ad-free
All this and more when you subscribe to Book2book Professional Edition.
Click on the Subscribe button below to sign up now
Sainsbury's has today announced the acquisition of HMV Group plc's shareholding in Anobii Limited, a social network and online retailer of e-books. As a result of the transaction and Sainsbury's investment in the future development of the business, it is anticipated that Sainsbury's will have a 64% stake in Anobii.
The investment in Anobii is a further step in Sainsbury's strategy to deliver digital services to support the growth of its online channel and commitment to multichannel retailing. The acquisition supports Sainsbury's drive into the growing online and digital entertainment market following the launch of Sainsbury's Entertainment in November 2010, the acquisition of online entertainment company Global Media Vault Ltd in October 2011 and the launch of its music download service earlier this year.
Anobii is an online e-books platform which enables readers to research titles and purchase them to read on a range of e-reader, smartphone and tablet devices. Readers can rate, review, share and discuss their choices with other Anobii members on www.anobii.com and across related social networking sites. The service currently has over 600,000 users worldwide, with a library of over 60,000 e-books.
Sainsbury's joins Anobii's existing shareholders and global publishers HarperCollins, Penguin and Random House Group (UK) with the aim of investing in and developing the business in the UK and overseas.
Mark Bennett, Sainsbury's Head of Digital Entertainment, said: "Anobii's innovative use of social media is a clear differentiator. This acquisition is a valuable addition to our digital portfolio and shows our commitment to becoming a key player in the digital entertainment market. It further demonstrates how we are constantly looking to innovate and seize opportunities that will support the future growth of our business. We're excited about working together with the Anobii team and our fellow shareholders in supporting Anobii to become a leading retailer of e-books."
GP Bullhound, the technology investment bank, acted as the sole financial advisor to HMV on the transaction.