Feeds

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

Slurps HMV's 64% stake in Anobii for peanuts

Beginner's guide to SSL certificates

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
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
Microsoft EU warns: If you have ties to the US, Feds can get your data
European corps can't afford to get complacent while American Big Biz battles Uncle Sam
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
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.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
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.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.