Barnes & Noble Takes Stake in iUniverse
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iUniverse is a site devoted to writers. It provides a community site for writers to submit manuscripts online, browse books, learn about writing, participate in writers' chat rooms, and have their books marketed, distributed and sold worldwide.
Under terms of the agreement, Barnes & Noble (BKS) will take a 49 percent stake in iUniverse. No financial specifics were disclosed, though the companies said iUniverse titles will be made available through the chain of Barnes & Noble brick-and-mortar stores and will be prominently featured within barnesandnoble.com.
Steve Riggio, vice chairman of Barnes & Noble, said that the investment was made to aid up-and-coming writers.
To further help its growth, Richard Tam, iUniverse founder and CEO, said the company has formed alliances with the Authors Guild, Writer's Digest, Ingram Books and Kinko's.
"We're serving notice that the rules in publishing have changed," said Richard Tam, founder and chief executive officer of iUniverse.com. "We now have the capacity to publish 2,000 titles a month, and by next year, we'll publish tens of thousands of titles, making us one of the world's largest publishers."