Amazon.com, Inc. (NASDAQ:AMZN) and Simon & Schuster have struck a multiyear agreement and both entities have finally resolved their months long tussle. Amazon is also problems with another publisher called Hachette. Simon & Schuster is a part of CBS Corporation. After the agreement, both parties have issued a statement that the deal will pave the way for further business and cooperation in the future. In a program on The Street, J.R. deBart said that Amazon.com, Inc. (NASDAQ:AMZN) has claimed that the deal will help both sides to work in mutual confidence. Amazon.com, Inc. (NASDAQ:AMZN) and Simon and Schuster were unable to decide the revenue division formulation after both the entities went stalled.
Amazon.com, Inc. (NASDAQ:AMZN) is also blocking books published by Hachette. Simon & Schuster made an offer around two months ago. Amazon asked for time and finally, decided to sign the deal regarding print and digital contracts. Amazon.com, Inc. (NASDAQ:AMZN)’s statement on the matter said that the new deal will facilitate Simon and Schuster to lower down the prices for its readers.
On the other hand, Simon & Schuster’s chief executive, Carolyn Reidy issued a statement and said that after the agreement with Amazon.com, Inc. (NASDAQ:AMZN) , there will be a benefit in the ebook pricing models which will be profitable for both the readers and authors.
Many authors are pressing Amazon.com, Inc. (NASDAQ:AMZN) to end its problems with Hachette. In a recent development, more than 1,500 writers held a press conference and asked Amazon.com, Inc. (NASDAQ:AMZN) to straighten its terms with the publishers as the rifts are damaging the author revenues.
Ken Fisher’s Fisher Asset Management hold around 2.5 million Amazon.com, Inc. (NASDAQ:AMZN) shares.
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