It was announced on Thursday (March 28) that Amazon has reached an agreement to acquire Goodreads, a social networking site for readers that helps people find and share books, Yahoo reports.
Founded in 2007, Goodreads now has more than 16 million members and there are more than 30,000 book clubs on the Goodreads site.
“Amazon and Goodreads share a passion for reinventing reading,” said Russ Grandinetti, Amazon Vice President, Kindle Content. “Goodreads has helped change how we discover and discuss books and, with Kindle, Amazon has helped expand reading around the world. In addition, both Amazon and Goodreads have helped thousands of authors reach a wider audience and make a better living at their craft. Together we intend to build many new ways to delight readers and authors alike.”
Goodreads’ headquarters will remain in San Francisco, CA. The terms of the sale have not been released, and the acquisition is expected to close in the second quarter of 2013.