Supermarket firm Sainsbury has made a surprise move into the e-book retail market with the acquisition of HMV's stake in online venture Anobii.
Cash-strapped entertainment media retailer HMV is selling its stake in the social network and online retailer of e-books for just £1. As a result of the transaction and additional investment by Sainsbury the supermarket chain will have a 64% stake in Anobii. Other stakeholders in the venture are publishing firms HarperCollins, Penguin and Random House Group (UK).
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