Amazon.com to Acquire Book Recommendations Site Goodreads

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World's biggest online retailer Amazon.com Inc. has reached agreement to acquire book recommendations site Goodreads in an undisclosed financial terms, making a start into bookselling.

Amazon's vice president of Kindle content, Russ Grandinetti, said in a statement that the online retailer got ideas from Goodreads on how to change the way it discovers and discusses books, and that they are able to expand reading across the world through Kindle. Both Amazon and Goodreads were successful in helping thousands of authors get wider audience a better living at their writing, Grandinetti added.

Settle-based Amazon.com is expected to close the deal with Goodreads, which headquarters in San Francisco, California, in the second quarter this year.

Tags
Buyout, Mergers & acquisitions

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