Audible

Amazon scoops up Woot, drops price on Kindle DX

July 1, 2010: 11:58 AM ET

The vast empire of Amazon.com continues to expand, and its price war with competing e-readers heats up.

It's been a busy couple of weeks for Amazon.com.

Days after slashing the price of its Kindle eReader by $40, the company announced yesterday it would acquire discount retailer Woot.com for a reported $110 million. According to a statement, Amazon will "foster the long-term growth of Woot, allowing it to continue its passion for serving customers with low prices across a broad selection of products."

Woot, which claims approximately 2.75 million users, made its name by popularizing the online "deal of the day" concept, selling one item each day for a significantly marked-down price. Items range from flat-screen TVs and Playstation 3's to Microsoft Zune players. The site has become so popular that it's not uncommon for items to sell out within in minutes. Spin-off sites have also become successful, highlighting wines, t-shirts, and products for kids. Today's sold-out item of the day: the Kindle 2 for $149. (Coincidence? Yeah, doubt it.) More

Current Issue
  • Give the gift of Fortune
  • Get the Fortune app
  • Subscribe
Powered by WordPress.com VIP.