Sainsbury's acquires majority stake in Anobii
The supermarket has bought the majority stake in the business for just £1 as part of its strategy to grow its multi-channel offering. Sainsbury’s said the move also supports its drive into the online and digital entertainment market following the launch of Sainsbury's Entertainment in November 2010 and the acquisition of online entertainment company Global Media Vault in October last year.
Sainsbury's joins Anobii's existing shareholders HarperCollins, Penguin and Random House Group with the aim of 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."
Anobii says it currently has over 600,000 users worldwide and has a library of over 60,000 e-books.
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