The "sunsetting the existing Oyster service" blog post is a classic; for a more direct summary, see Oyster, a Subscription E-Book Service That Tried to Take on Amazon, Is Shutting Down (Slate)
"Those opportunities may happen at Google. A rep for the search giant confirmed that “a portion” of the Oyster team has joined Google Play Books, its online store for books. People familiar with the company say that CEO Eric Stromberg and co-founders Andrew Brown and Willem Van Lancker are part of the team joining Google.Google Hires Part of Oyster ‘Netflix for E-Books’ Team | Re/code
Google is resistant to the notion that it bought Oyster. But sources said it will end up paying investors, who put a reported $17 million into the company, for the right to hire some of its staff. In other words, this is an acqhire."