I love Amazon. I love Zappos. I love how they compete against each other. That's why I'm kind of disappointed that Amazon is acquiring Zappos. It would be like Duke acquiring UNC or the Red Sox acquiring the Yankees.
Alright, alright, here's the details.
Amazon is buying Zappos for 10 million AMZN stock, which is currently worth around $807 million. Also, Amazon is providing Zappos employees with $40 million in cash and restricted stock units. Cha-freaking-ching.
Don't worry, Zappos.com won't be 301-redirecting to Amazon.com anytime soon.
"We are joining forces with Amazon because there is a huge opportunity to utilize each other's strengths and move even faster towards our vision of delivering happiness to customers, employees and vendors," said Tony Hsieh, CEO of Zappos. "We will continue to build the Zappos brand and culture in our own unique way, and we believe Amazon is the best partner to help us do this over the long term."
Alright, Tony. I hope this is the right decision. Don't mess with 6pm.com. I want to get Oakley sunglasses on the cheap!