Amazon racked up a big bill acquiring companies in '08 |
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Amazon.com did a good job of attracting shoppers last year, but it also did some major shopping of its own.
The company spent $432 million on acquiring companies last year -- more than ten times the amount in 2007 and up substantially from the past several years, according to the company's annual regulatory filing Friday.
Much of Amazon's 2008 acquisition bill is likely due to Audible. Amazon acquired the audiobook company last year for a reported $300 million. Amazon also acquired Abe Books, an online seller of used, rare and out-of-print books; Shelfari, a social networking site for book lovers; and Fabric.com, an online fabric store. Amazon's Internet Movie Databse (IMDb) acquired Withoutabox, an indie film distributor.
The 2008 number is striking given Amazon's relatively restrained acquisition spending in recent years. In 2004, Amazon spent $75 million on Chinese web retailer Joyo.com.
Was this a temporary spike for Amazon or will it keep snapping up companies? Amazon certainly ended 2008 on a high note, with a stellar fourth quarter that saw sales and profits rise.
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