amazon acquire goodreads

Amazon announced on Thursday its intentions to acquire Goodreads, a popular social network in the literary world. Neither Amazon nor Goodreads disclosed the terms of the agreement, so it's unclear what the selling price was, although Goodreads will keep its headquarters in San Francisco. The social network has upwards of 16 million users who have created more than 30,000 book clubs.

"Amazon and Goodreads share a passion for reinventing reading," Amazon Vice President of Kindle Content Russ Grandinetti said. "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."

We assume that last line means that Amazon will embed an easy way to interact with fellow Goodreads members into its Kindle software.

Show Press Release
Amazon.com to Acquire Goodreads
SEATTLE–(BUSINESS WIRE)–Mar. 28, 2013– 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 Amazonand 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.