Amazon Buys Audible For $300M
Today Amazon.com announced that it has reached an agreement with Audible Inc. to acquire the provider of digital audiobooks for $11.50 a share which values the firm at about $300 million. This includes Audible’s cash and short-term investments according to Reuters.
Audible has over 80,000 programs; audiobooks from many popular authors is meant to add onto Amazon’s digital music store, Amazon MP3 which includes over 3.3 million songs.
The price being paid is a reported 23% premium to closing prices for the company which came to $9.33 a share. The firm ended its third quarter with 455,000 members.
Two months ago the company was traded at about $14.22.
The agreement states that Amazon will buy outstanding shares in cash and assume Audible’s outstanding stock-based awards.
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