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AOL book deal extended
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December 17, 1997: 1:26 p.m. ET
Barnes & Noble to pay $40 million over four years in contract renewal
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NEW YORK (CNNfn) - America Online will receive $40 million over the next four years following an announcement Wednesday that it and Barnes & Noble had extended a relationship first announced in January.
Since early this year, Barnes & Noble has been selling books through a link from AOL's online service. In March, AOL made Barnes & Noble the exclusive bookseller on its marketplace section.
"This expansion of our agreement with [Barnes & Noble] is testimony to the success of our existing relationship. Barnes & Noble is a brand that consumers know and trust and has the unique power to draw consumers online," said Bob Pittman, president and chief executive officer of AOL Networks.
Steve Riggio, Barnes & Noble's vice chairman, said the company is committed to continually evolving the online book market and feels AOL is the best partner for that.
"AOL's established base of more than 10 million members collectively represents the most sophisticated consumers buying online and is the single most important audience successful retailers must reach in order to grow online business," he said.
The new deal will give Barnes & Noble placement throughout several sections of AOL, including its "Find Central" search engine area and on several AOL Studios properties, including Entertainment Asylum, Electra, Real Fans, Love@aol and Digital City.
AOL said it will also contextually tie in books from B&N to topic-oriented sections. For example, the personal finance area will contain links to the investing basics bookstore on Barnes & Noble's website.
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