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Thursday, March 28, 2013
Amazon to Buy Goodreads Social Network

Amazon.com today announced that it has reached an agreement to acquire Goodreads, a site for readers and book recommendations that helps people find and share books they love.

In buying Goodreads, Amazon gets a community of bibliophiles primed to buy and recommend books - one of its key areas of business.

"Amazon and Goodreads share a passion for reinventing reading," said Russ Grandinetti, Amazon Vice President, Kindle Content. "Goodreads has helped change how we discover and discuss books and, with Kindle, Amazon has helped expand reading around the world. In addition, both Amazon and Goodreads have helped thousands of authors reach a wider audience and make a better living at their craft. Together we intend to build many new ways to delight readers and authors alike."

Following the acquisition, Goodreads's headquarters will remain in San Francisco, CA. Founded in 2007, Goodreads now has more than 16 million members and there are more than 30,000 books clubs on the Goodreads site.

Terms of the acquisition were not disclosed. Subject to various closing conditions, the acquisition is expected to close in the second quarter of 2013.

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