Gyldendal A/S Closes Online Stores and Opens Streaming Service with Storytel
Gyldendal A/S announced that it closes its online stores g.dk and eLounge.com and opens with the Swedish Storytel the commercial streaming service for audiobooks in Denmark. The Company has decided to limit its activities in online shopping for books. It is considered to be no longer strategically essential to own retail online, and market is estimated to become more competitive in the future. During the autumn of 2013, the Company closes the two online stores, g.dk and eLounge.com. Customer bases from the two stores will be transferred to gyldendal.dk from which the Group's titles will be marketed. The Company also acquired a minority interest in a newly established Danish subsidiary of Storytel, which is the Swedish provider of streamed audio books in subscription, and thus launches the first Danish commercial streaming service for audiobooks. The Danish company will be founded in April 2013, and the service will in May 2013 be opened in the Danish market. Storytel will include both the latest books and a catalog of older titles from both Gyldendal and Rosinante&Co and a number of Danish publishers.
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