Feeds

Sainsbury's pays £1 entrance, heads into ebook club

Slurps HMV's 64% stake in Anobii for peanuts

Top 5 reasons to deploy VMware with Tegile

British grocery chain Sainsbury's has entered the ebook market by snapping up HMV's stake in Anobii for a nominal £1.

The retailing group said that slurping HMV Group's share and investing in the business would mean it ends up with a 64 per cent stake in Anobii, which is styled as a social network for book readers as well as an etailer.

The site, whose other investors are publishers Penguin, Random House and HarperCollins, currently has 600,000 users and around 60,000 ebooks in its library.

Sainsbury's said that snapping up the stake was a further step in its "drive into the growing online and digital entertainment market". The group launched Sainsbury's Entertainment in late 2010, bought online entertainment firm Global Media Vault late last year and this year launched its music download service.

"This acquisition is a valuable addition to our digital portfolio and shows our commitment to becoming a key player in the digital entertainment market," Mark Bennett, head of digital entertainment at Sainsbury's, said in a canned statement. "It further demonstrates how we are constantly looking to innovate and seize opportunities that will support the future growth of our business."

Sainsbury's bought the holding in Anobii for just £1 as HMV Group tries to go back to its roots as a retail business. HMV sold the Hammersmith Apollo at the end of last month for £32m as part of its restructuring to focus on its core business of selling music and films in bricks-and-mortar stores. The group reckons it can turn itself around enough to return to profit next year, despite big losses in the last financial year. ®

Beginner's guide to SSL certificates

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.