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Sainsbury's invests in e-book group
Sainsbury's has launched itself into the e-book market with a deal to buy HMV's stake in online digital book retailer Anobii.
The UK's third largest supermarket will pitch itself against the likes of online titan Amazon with the acquisition of the shareholding from struggling HMV for a nominal £1.
It said it expects to own a 64% stake in Anobii after investing in the group.
Anobii is an online retailer and social network that allows people to buy books to read on a range of devices, such as e-readers, tablets and smartphones.
It also allows users to rate and review titles, which can be shared with other Anobii members and related social networking sites.
The service has more than 600,000 users worldwide, with a library of some 60,000 e-books. Its other shareholders are publishers HarperCollins, Penguin and Random House.
Sainsbury's said Anobii's use of social media was a "clear differentiator" in the e-book marketplace.
Mark Bennett, Sainsbury's head of digital entertainment, said: "This acquisition is a valuable addition to our digital portfolio and shows our commitment to becoming a key player in the digital entertainment market.
"It further demonstrates how we are constantly looking to innovate and seize opportunities that will support the future growth of our business."