OverDrive to Acquire RBdigital from RBmedia

Acquisition follows recent sale of OverDrive to KKR from Rakuten

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Jun 23, 2020, 12:03 ET

CLEVELAND, June 23, 2020 /PRNewswire/ -- OverDrive, the leading digital reading platform for libraries and schools, announced today that it is acquiring the assets of RBmedia's library business, including the RBdigital platform in North America, the United Kingdom and Australia.

The acquisition of RBdigital will bring enhanced content and features to the OverDrive platform, enabling it to better serve the needs of libraries around the world, including access to new release Recorded Books audiobooks. Moreover, OverDrive will be exploring the addition of popular RBdigital services like digital magazines from ZINIO to the OverDrive platform. As the owner of both RBmedia and OverDrive, KKR is uniquely positioned to facilitate this transaction and help bring libraries the best solutions possible.

"Combining the RBdigital library business with OverDrive's industry-leading technologies will greatly benefit libraries and their readers worldwide," said Steve Potash, founder and CEO of OverDrive. "We're proud to enhance our value proposition for libraries by delighting readers with this new content on the award-winning Libby and Sora reading apps."

There will be no change to RBmedia's market-leading publishing businesses which will continue to supply their titles to libraries and direct-to-consumer services worldwide. These brands include Recorded Books, Tantor Media, HighBridge, Kalorama Audio, ChristianAudio, Gildan Media, GraphicAudio, W.F. Howes in the United Kingdom, and Wavesound in Australia.

The terms of the acquisition were not announced.

About OverDrive
OverDrive is the leading digital reading platform for libraries and schools worldwide. The company strives to create "a world enlightened by reading" by delivering the industry's largest catalog of ebooks, audiobooks, magazines and other digital media to a growing network of 48,000 libraries and schools in 78 countries. OverDrive's popular reading apps provide best-in-class user experience and tools for staff management: the Libby app for libraries is one of PCMag's Best Free Software of 2019 and Popular Mechanics' 20 Best Apps of the 2010s, while the student reading app Sora is one of TIME's Best Inventions of 2019. Founded in 1986, OverDrive is based in Cleveland, Ohio USA and was named a Certified B Corp in 2017. OverDrive is owned by KKR, a leading global investment firm. www.overdrive.com

About RBMedia
RBmedia is a global leader in spoken audio content and digital media distribution technology that reaches millions of consumers—at home, in the car, and wherever they take their mobile devices. RBmedia produces exclusive titles and delivers the finest digital content through its RBdigital and Audiobooks.com platforms. The company is the largest producer of audiobooks in the world with a catalog of more than 45,000 exclusive titles through its content brands: Recorded Books, Tantor Media, HighBridge, Kalorama Audio, ChristianAudio, Gildan Media, GraphicAudio, W. F. Howes in the United Kingdom, and Wavesound in Australia. RBmedia is owned by KKR, a leading global investment firm. www.rbmediaglobal.com

Contact:
David Burleigh
OverDrive
[email protected]

SOURCE OverDrive