The leading book publisher in Russia, Eksmo has acquired the largest Russian online digital book store LitRes from Imhonet.ru recommendation service founder Alexander Dolgin, reported Webplanet by citing unnamed sources.
Founded in 2007 as a result of a merger of several online digital book libraries, LitRes has more than 200 thousand registered users and 1 million unique monthly visitors. LitRes has more than 19,000 ebooks in its catalog from more than 4,500 authors. LitRes pays authors a share for each ebook sold. The site says its average ebook price is only 11 Rubles (34 cents).
Founded in 1991, Eksmo holds 15 percent share of Russian book publishing market. The company published more than 10,000 book titles with a total print run of 99.7 million copies in 2008. In September 2007, Eksmo acquired a majority stake in audio book publishing business of CDCom.