Amazon snaps up deal-a-day site Woot

woot_monkey.top.jpgGeek gadget shopping site Woot had its plush spokesmonkey announce the site's acquisition by Amazon. By Annalyn Censky, staff reporter


NEW YORK (CNNMoney.com) -- E-commerce behemoth Amazon is snapping up shopping site Woot, a cult favorite of gadget geeks.

Dallas-based Woot announced the deal on its company blog Wednesday in typically irreverent style, with a self-deprecating letter from chief executive Matt Rutledge and a video of a dancing and rapping plush monkey.

"We used to be a little fly-by-night, but son, starting today, we're a big-time site!" the simian mascot raps. The monkey did not disclose the deal's financial terms.

Woot was a pioneer in the "social shopping" space now populated by Groupon, Gilt Groupe, LivingSocial and other startups. Launched in 2004, the site initially featured just one consumer electronics product each day, offered at a steep discount and available in limited quantities. The site's featured deal on Wednesday was an iPod Nano for $99.99, or about $50 off what customers would pay in Apple stores. The same device was priced at $122.54 on Amazon's site.

The daily deal format proved so popular that Woot launched offshoot sites focused on wine, toys and t-shirts.

Seattle-based Amazon (AMZN, Fortune 500) said it expects the acquisition to close in the third quarter, after which Woot will continue to be managed independently from its current Texas headquarters.

"Amazon clearly knows what they're doing in a lot of areas, so we're geeked about the opportunities to tap into that knowledge and those resources, especially on the technology side," Rutledge said in his letter to employees. "This is about making the Woot brand, culture, and business even stronger than it is today, and we expect that any changes will be for the better or we wouldn't bother with this endless paperwork." To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,408.54 -16.31 -0.10%
Nasdaq 4,095.52 9.29 0.23%
S&P 500 1,864.85 2.54 0.14%
Treasuries 2.72 0.08 3.19%
Data as of 5:15am ET
Company Price Change % Change
Bank of America Corp... 16.15 0.02 0.12%
Facebook Inc 58.94 -0.78 -1.31%
General Electric Co 26.56 0.44 1.68%
Cisco Systems Inc 23.21 0.18 0.78%
Micron Technology In... 23.91 1.43 6.36%
Data as of Apr 17
Sponsors

Sections

General Mills has scrapped a controversial change to its fine print that some read as eliminating customers' right to sue the company. More

Obamacare sign ups hit 8 million, though final enrollment remains to be seen. More

Office for iPad move is a symbolic victory for Nadella's Microsoft, but the company is still weighed down by many of the same old issues. More

Schwinn, Trek and Cannondale are all iconic American bicycle brands. But none of them are made in the United States. More

Getting people to donate money is a big business, and some universities, hospitals and other nonprofits are rewarding their top fundraisers with as much as $1 million to bring in the big bucks. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.