Feeds

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

Slurps HMV's 64% stake in Anobii for peanuts

Intelligent flash storage arrays

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. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
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 cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.