Barnes & Noble Acquires Fictionwise
Barnes & Noble has acquired Chatham, N.J.-based e-book retailer Fictionwise Inc., which owns and operates Fictionwise.com and eReader.com, for $15.7 million in cash. Barnes & Noble said it plans to use Fictionwise as part of its overall digital strategy, which includes the launch of an e-bookstore later this year.
The world's largest bookseller intends to keep Fictionwise as a separate business unit, and its founders, Steve and Scott Pendergrast, will continue to operate the business. In addition to the closing purchase price, Fictionwise may receive earn-out payments for achieving certain performance targets over the next two years, according to Barnes & Noble.