Google Hires Oyster Execs as Ebook Service Announces Shutdown
Oyster, the so-called Netflix for ebooks, is shutting down. Its CEO and founders announced their plans to close Oyster in a blog post this afternoon, writing that the service would be sunset over the next several months. They give no reason for why Oyster is closing, saying only that their vision for ebooks will be "best seized by taking on new opportunities."
Google appears to be part of the impetus, too. According to Recode, Google has hired "a portion" of Oyster's team, including its CEO and founders. Though it isn't buying Oyster outright, Google will apparently be paying Oyster's investors for the right to hire some of its staff — it is, Recode says, fair to call this an acquihire.