BookBites, an app for borrowing, reading and listening to e-books and e-audiobooks, completed the acquisition of Publizon, a Danish provider of digital publishing and distribution of e-books, audiobooks and podcasts, from Gyldendal, a publishing house in Denmark, and Lindhardt & Ringhof, a provider of publishing and printing books and pamphlets services, for $8m. "Gyldendal has initiated a transformation process in a rapidly changing book market with many new initiatives. These initiatives have modernized Gyldendal, but unfortunately several of the new initiatives and acquisitions have not yet produced the desired results. We will therefore work intensively on a structural improvement process to strengthen Gyldendal's market and financial position through an increased focus on the core business. The sale of Publizon is an initial step in this direction," Peter Normann, Gyldendal CFO.