UK-based supermarket chain Sainsbury’s has bought a 64% stake in Anobii, a social network and online book retailer, for £1.
The service has more than 600,000 users globally, with a library of more than 60,000 e-books.
Other shareholders in Anobbi include global publishers HarperCollins, Penguin and Random House Group, with the aim of investing in and developing the business in the UK and overseas.
Mark Bennett, Sainsbury’s head of digital entertainment, said: “Anobii’s innovative use of social media is a clear differentiator. This acquisition is a valuable addition to our digital portfolio and shows our commitment to becoming a key player in the digital entertainment market. It further demonstrates how we are constantly looking to innovate and seize opportunities that will support the future growth of our business. We are excited about working together with the Anobii team and our fellow shareholders in supporting Anobii to become a leading retailer of e-books.”
GP Bullhound, the technology investment bank, advised HMV on the sale.