Amazon.com is snapping up Goodreads, a site where readers give recommendations that helps people find and share books. Terms were not released. Following the acquisition, Goodreads’s headquarters will remain in San Francisco.
Amazon.com, Inc. (NASDAQ:AMZN) today announced that it has reached an agreement to acquire Goodreads, a leading site for readers and book recommendations that helps people find and share books they love.
“Amazon and Goodreads share a passion for reinventing reading,” said Russ Grandinetti, Amazon Vice President, Kindle Content. “Goodreads has helped change how we discover and discuss books and, with Kindle, Amazon has helped expand reading around the world. 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.”
“Books – and the stories and ideas captured inside them – are part of our social fabric,” said Otis Chandler, Goodreads CEO and co-founder. “People love to talk about ideas and share their passion for the stories they read. I’m incredibly excited about the opportunity to partner with Amazon and Kindle. We’re now going to be able to move faster in bringing the Goodreads experience to millions of readers around the world. We’re looking forward to inspiring greater literary discussion and helping more readers find great books, whether they read in print or digitally.”
“I just found out my two favorite people are getting married,” said Hugh Howey, best-selling author of WOOL. “The best place to discuss books is joining up with the best place to buy books – To Be Read piles everywhere must be groaning in anticipation.”
Following the acquisition, Goodreads’s headquarters will remain in San Francisco, CA. Founded in 2007, Goodreads now has more than 16 million members and there are more than 30,000 books clubs on the Goodreads site. Over just the past 90 days, Goodreads members have added more than four books per second to the “want to read” shelves on Goodreads.
Terms of the acquisition were not disclosed. Subject to various closing conditions, the acquisition is expected to close in the second quarter of 2013.
Amazon.com, Inc. (NASDAQ: AMZN), a Fortune 500 company based in Seattle, opened on the World Wide Web in July 1995 and today offers Earth’s Biggest Selection. Amazon.com, Inc. seeks to be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices. Amazon.com and other sellers offer millions of unique new, refurbished and used items in categories such as Books; Movies, Music & Games; Digital Downloads; Electronics & Computers; Home & Garden; Toys, Kids & Baby; Grocery; Apparel, Shoes & Jewelry; Health & Beauty; Sports & Outdoors; and Tools, Auto & Industrial. Amazon Web Services provides Amazon’s developer customers with access to in-the-cloud infrastructure services based on Amazon’s own back-end technology platform, which developers can use to enable virtually any type of business. Kindle Paperwhite is the most-advanced e-reader ever constructed with 62% more pixels and 25% increased contrast, a patented built-in front light for reading in all lighting conditions, extra-long battery life, and a thin and light design. The new latest generation Kindle, the lightest and smallest Kindle, now features new, improved fonts and faster page turns. Kindle Fire HD features a stunning custom high-definition display, exclusive Dolby audio with dual stereo speakers, high-end, laptop-grade Wi-Fi with dual-band support, dual-antennas and MIMO for faster streaming and downloads, enough storage for HD content, and the latest generation processor and graphics engine—and it is available in two display sizes—7” and 8.9”. The large-screen Kindle Fire HD is also available with 4G wireless, and comes with a groundbreaking $49.99 introductory 4G LTE data package. The all-new Kindle Fire features a 20% faster processor, 40% faster performance, twice the memory, and longer battery life.
Amazon and its affiliates operate websites, including www.amazon.com, www.amazon.co.uk, www.amazon.de, www.amazon.co.jp, www.amazon.fr, www.amazon.ca, www.amazon.cn, www.amazon.it, www.amazon.es and www.amazon.com.br. As used herein, “Amazon.com,” “we,” “our” and similar terms include Amazon.com, Inc., and its subsidiaries, unless the context indicates otherwise.
Goodreads is the world’s largest site for readers and book recommendations. Founded in 2007, Goodreads is where readers find and share books they love. The site has 16 million members who have added more than 530 million books to their shelves and written more than 23 million reviews. Loved by avid and casual readers alike, Goodreads members can discover new books by seeing what their friends are reading or by using the Goodreads Book Recommendation Engine; share ratings and recommendations; track what they have read, and list what they want to read. Goodreads is also a place where more than 68,000 authors connect with readers. For more information, visit http://www.goodreads.com.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ significantly from management’s expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, outcomes of legal proceedings and claims, fulfillment and data center optimization, seasonality, commercial agreements, acquisitions and strategic transactions, foreign exchange rates, system interruption, inventory, government regulation and taxation, payments and fraud. More information about factors that potentially could affect Amazon.com’s financial results is included in Amazon.com’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings.