UK Supermarket Chain Buys HMV Stake in E-Bookseller Anobii for Pennies
For about $1.50, UK retailer HMV Group has been persuaded to part with its 64% stake in e-bookseller Anobii.
The buyer is Sainsbury, the UK’s third-largest supermarket chain, according to Reuters. The company has made an aggressive move into the online entertainment space, following its 2010 launch of Sainsbury’s Entertainment, its 2011 acquisition of Global Media Vault and its 2012 launch of a music download service.
If $1.50 for a 64% stake were to accurately value the company, the combined stake of the remaining shareholders, publishers HarperCollins, Penguin and Random House, would be worth about $0.75.
Anobii made waves at the Digital Book World conference in January when its CEO Matteo Berlucchi gave a presentation advocating publishers abandon digital rights management software because it helped prop up Amazon.
Read more at Reuters.