Barnes and Noble Buys Fictionwise

Barnes & Noble, the world's largest bookseller, has acquired leading e-book publisher Fictionwise for $15.7 million in cash plus potential "earn out" payments if certain performance targets are met. B&N "plans to use Fictionwise as part of its overall digital strategy," including the launch of a dedicated e-book store later this year. Fictionwise was founded in 2000 by Steve and Scott Pendergrast, who will continue to run the division as a separate business unit.

Read the company press release here.