Amazon's Audible Play
Seeking more books in all forms, Amazon (AMZN Quote) says it will pay $300 million for Audible (AUBL Quote).
The online retail giant has agreed to pay $11.50 a share for the Newark-based books-on-tape specialist. The deal represents a 23% premium to Audible's closing stock price of $9.33 Wednesday. Audible's share jumped 22% in pre-market trading Thursday. The news comes a day after Amazon reported a disappointing profit margin but boosted guidance for the year. Among the drags on Amazon's profits is its new venture into gadgets with a tablet device known as Kindle that lets users read digital books. Amazon shares are down 8% in the wake of the earnings release and the announcement of the Audible acquisition.- Loading Comments...
- Loading Comments...
Featured Photo Galleries
Connect with TheStreet
 |
 |
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,197.47 | 1,087.24 | 2,149.02 | 34.46 |
Oil *
76.15
|
|
DOWN
93.79
|
DOWN
11.27
|
DOWN
17.88
|
DOWN
0.28
|
10 Yr
3.45%
SPDR Gold
108.21
|
|
-0.91%
|
-1.03%
|
-0.83%
|
-0.81%
|
Data delayed 20 minutes |
