Barnes & Noble has purchased ebook retailer Fictionwise.com (including eReader.com). The deal is for $15.7 million in cash, but Fictionwise "may receive earn out payments for achieving certain performance targets over the next two years."
Fictionwise was founded by Steve and Scott Pendergrast in 2000, and B&N expects to operate it as a seperate business unit, leaving the founders in charge.
The Pendergrasts report, in a FAQ about the sale, that they sold the company because "With the eBook market expanding rapidly, Steve and Scott were looking for the right partner with a shared vision on the future of the industry. Barnes & Noble was an excellent match and Steve and Scott look forward to working with them during this exciting time for eBooks." They also expect no changes from the customer point of view, except that customers "can expect to see more eBook content than ever before."
B&N's official, brief press release is available here.
