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by , 10:40 AM EST, January 31st, 2008

Online retailer announced on Thursday plans to acquire for about US$300 million. The deal will make the largest distributor of spoken word audio content on the Web.

The two companies agreed to a deal where will purchase's outstanding shares for $11.50 per share and will assume the company's outstanding stock-based awards. The transaction is expected to be completed by the end of the second quarter of 2008. has not stated if there are plans to add support to its Kindle ebook reader, or if there will be any changes to's distribution deal through Apple's iTunes Store.

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