Sainsbury(J) Plc (SBRY.L,JSAIY.PK) Tuesday announced the acquisition of HMV Group Plc's shareholding in Anobii Limited, a social network and online retailer of e-books, to deliver digital services supporting the growth of its online channel.
Sainsbury's purchased HMV Group's stake in Anobii Limited for £1. The Anobii service currently has over 600,000 users worldwide, with a library of over 60,000 e-books.
Owing to the transaction and Sainsbury's investment in the future development of the business, it is expected that the firm will have a 64 percent stake in Anobii.
According to Sainsbury's, the acquisition supports its drive into the growing online and digital entertainment market following the launch of Sainsbury's Entertainment in November 2010. The firm bought online entertainment company Global Media Vault Ltd in October 2011 and launched its music download service earlier this year.
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