Barnes & Noble.com Invests in MightyWords

Posted on June 6, 2000

MightyWords, a digital content publisher, and Barnes & Noble.com have announced that Barnes & Noble.com has made a $20 million investment in MightyWords. In addition, the companies announced an agreement to distribute MightyWords content via the Barnes & Noble.com website. Content published by Mightywords includes works such as essays, short stories, condensed books, serialized pieces, updated chapters, movie scripts, speeches, white papers and research reports.

``The MightyWords proposition has taken the publishing industry by storm,'' said Chris MacAskill, chief executive officer of MightyWords. ``There is a huge untapped reservoir of valuable content that just doesn't fit into the traditional publishing model. With MightyWords, we're using an exciting new secure digital format to bring quality content to life. Today's announcement that Barnes & Noble.com will distribute our entire catalog of content illustrates the forward momentum of digital publishing.''

Barnes & Noble.com leads a $36 million investment round in MightyWords. Additional financing comes from Vulcan Ventures Inc., which has invested $10 million, and $6 million comes from other investors. Fatbrain.com will retain a percentage ownership in MightyWords, which will now operate as an independent company.

``MightyWords is driving the next generation of valuable Internet content: digitally published and distributed works,'' said Stephen Riggio, vice chairman, Barnes and Noble and acting CEO, Barnes & Noble.com. ``As we enter this new Internet-enabled era, we plan to work with leaders in their fields, like MightyWords, to bring to market innovative and exciting opportunities for readers, publishers and content providers.''

Chris MacAskill will continue to lead MightyWords in his role as chief executive officer. Members of the MightyWords board of directors have been appointed as follows: Chris MacAskill, Stephen Riggio, Dennis Capovilla, CEO of Fatbrain.com, and Diane Daggatt, director and investment analyst, Vulcan Ventures Inc.