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Weekly News Digest
December 17, 2009 — In addition to this week's NewsBreaks article and the monthly NewsLink Spotlight, Information Today, Inc. (ITI) offers Weekly News Digests that feature recent product news and company announcements. Watch for additional coverage to appear in the next print issue of Information Today. For other up-to-the-minute news, check out ITI’s Twitter account: @ITINewsBreaks. CLICK HERE to view more Weekly News Digest items.

Borders and Kobo to Launch New Ebook Store

Borders Group, Inc. (www.borders.com) announced a strategic investment and commercial partnership with Kobo, Inc. (www.kobobooks.com), a global e-reading service that is the newly named spinoff of Toronto-based Indigo Books & Music, Inc.'s Shortcovers digital reading initiative (www.chapters.indigo.ca). Through the partnership, Borders will launch a new ebook store integrated into Borders.com and powered by Kobo. In addition, Kobo will power a Borders-branded ebook store for multiple mobile devices. Sales through these Borders-branded ebook stores will be booked by Borders.

Kobo's mobile applications are device neutral, which will enable consumers to purchase ebooks from Borders on popular smartphones such as the iPhone, BlackBerry, Palm Pre, and Android, as well as other devices. Borders and Kobo plan to launch these new services in 2Q 2010.

Kobo, as Shortcovers, has already, in a matter of months, provided ebooks to customers from more than 200 countries who have downloaded its reader application more than 1 million times online and through devices including smartphones, desktops, and e-reader devices such as the Sony Reader. As a book retailer with a strong customer following (including more than 35 million members of its Borders Rewards loyalty program), Borders Group shares Kobo's vision of providing consumers with any book on any device.

Other investors in Kobo include Indigo; Instant Fame, a subsidiary of Cheung Kong (Holdings) Ltd. of Hong Kong; and REDgroup Retail of Australia. Kobo also announced it had raised $16 million CAD (about $15.1 U.S.) in financing from its investors. Indigo will retain approximately 58% ownership of Kobo.

Source: Borders Group, Inc.