Rakuten Buys Kobo For $315 Million In Cash Deal
Japanese e-commerce company Rakuten has agreed to buy Canadian eBook company Kobo for $315 million in cash.
Founded in 2009, Kobo has been fast to gain ground in the eBook market and has become a competitor to Amazon and Barnes & Noble offering eReader devices, a tablet and an eReading store.
The acquisition expands Rakuten’s push into the downloadable media business by adding eBooks to their digital media offerings.
Hiroshi Mikitani, Chairman/CEO of Rakuten, stated: “We are very excited about this next step.
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in