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Amazon paid $150 million for Goodreads

Written by Andre Yoskowitz (Google+) @ 30 Mar 2013 12:29

Amazon paid $150 million for Goodreads According to ATD, Amazon actually paid $150 million for Goodreads, one of the most popular book review/recommendation services on the Internet.
Original reports had placed the purchase at closer to $100 million. Additionally, the deal could go as high as $200 million if a few important performance metrics are hit.

Goodreads had raised $3 million from angel investors, meaning those investors have cashed out large.

"Amazon and Goodreads share a passion for reinventing reading," said Russ Grandinetti, Amazon Vice President, Kindle Content, during the announcement. "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."

"Books and the stories and ideas captured inside them are part of our social fabric," said Otis Chandler, Goodreads CEO and co-founder. "People love to talk about ideas and share their passion for the stories they read. I'm incredibly excited about the opportunity to partner with Amazon and Kindle. We're now going to be able to move faster in bringing the Goodreads experience to millions of readers around the world. We're looking forward to inspiring greater literary discussion and helping more readers find great books, whether they read in print or digitally."

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