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Picked by Techconnect's Editors on Thursday announced plans to acquire audiobook publisher in a transaction valued at $300 million. offers more than 80,000 programs, including audiobooks from best-selling authors and spoken word content from news sources including the New York Times and The new Yorker. The company was one of the first companies Apple established a partnership with for the iTunes Store -- in 2003, the companies announced the availability of more than 20,000 hours of exclusive content. It is unknown at this time if the acquisition will affect Apple's relationship with

Under the terms of the agreement, will purchase all of's outstanding shares for $11.50 per share and will assume's outstanding stock-based awards. The deal is subject to customary closing conditions; both parties expect to complete the transaction by the second quarter of 2008.

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