Barnes & Noble Acquires Fictionwise
Thu. March 05, 2009; Posted: 08:30 AM
NEW YORK, Mar 05, 2009 (BUSINESS WIRE) â€” BKS | Quote | Chart | News | PowerRating â€” Barnes & Noble, Inc. (NYSE: BKS), the worldâ€™s largest bookseller, announced today that it has acquired Fictionwise, a leader in the e-book marketplace, 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. In addition to the closing purchase price, Fictionwise may receive earn out payments for achieving certain performance targets over the next two years.
Headquartered in New Jersey, Fictionwise was founded in 2000 by Steve and Scott Pendergrast. Barnes & Noble intends to keep Fictionwise as a separate business unit and the founders will continue to operate the business.
ABOUT BARNES & NOBLE, INC.
Barnes & Noble, Inc. (NYSE: BKS), the worldâ€™s largest bookseller and a Fortune 500 company, operates 799 bookstores in 50 states. Barnes & Noble is also the nationâ€™s top bookseller in quality, and for the fifth year in a row, the top bookseller brand, as determined by a combination of the brandâ€™s performance on familiarity, quality, and purchase intent, according to the EquiTrend(R) Brand Study by Harris Interactive(R). Barnes & Noble conducts its online business through Barnes & Noble.com (www.bn.com), one of the Webâ€™s largest e-commerce sites.
General information on Barnes & Noble, Inc. can be obtained via the Internet by visiting the companyâ€™s corporate website: www.barnesandnobleinc.com.
This press release contains “forward-looking statements.” Barnes & Noble is including this statement for the express purpose of availing itself of the protections of the safe harbor provided by the Private Securities Litigation Reform Act of 1995 with respect to all such forward-looking statements. These forward-looking statements are based on currently available information and represent the beliefs of the management of the company. These statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to, general economic and market conditions, decreased consumer demand for the companyâ€™s products, possible disruptions in the companyâ€™s computer or telephone systems, possible risks associated with data privacy and information security, possible work stoppages or increases in labor costs, possible increases in shipping rates or interruptions in shipping service, effects of competition, possible disruptions or delays in the opening of new stores or the inability to obtain suitable sites for new stores, higher than anticipated store closing or relocation costs, higher interest rates, the performance of the companyâ€™s online and other initiatives, the performance and successful integration of acquired businesses, the success of the companyâ€™s strategic investments, unanticipated increases in merchandise or occupancy costs, unanticipated adverse litigation results or effects, the results or effects of any governmental review of the companyâ€™s stock option practices, product shortages, and other factors which may be outside of the companyâ€™s control. Please refer to the companyâ€™s annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of these and other risks that could cause results to differ materially.
SOURCE: Barnes & Noble, Inc.
Mary Ellen Keating
Senior Vice President
Barnes & Noble, Inc.
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