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Jan312008

Amazon to acquire Audible for $300 Million

Amazon.com said Thursday that it reached an agreement to buy Audible, a provider of digital audiobooks, for $11.50 a share, in a deal that bolsters the online retailer’s offerings of audio downloads.

Amazon values the transaction at about $300 million, including Audible’s cash and short-term investments.

Audible’s over 80,000 programs, including audiobooks from authors such as Stephen King and Jane Austen, may complement Amazon’s growing digital music store that offers songs without copy-protection technology known as digital rights management. Amazon MP3, launched in September 2007, now includes more than 3.3 million songs.

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Amazon, Audible, Deal, Buy, Acquisition, Corporate News

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