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PChome Confirms CNET Acquisition
Tags: CNET, Internet, PChome, Yan Ping,
Yan Ping, spokeswoman of Shanghai based IT website PChome.net, confirmed that CNET will buy a stake in PChome for US$10 million in an interview with China Business News on Monday. The acquisition will be announced on April 1, Yan said. Rumor had it that CNET would take over 51 percent of PChome. The deal is expected to close in early October, according to a PChome employee. The acquisition will directly threaten ChinaByte's position in China's IT website market, said the report. ChinaByte president Li Zhigao said recently that the company will restructure its subsidiary websites and strengthen its cooperation with TechTarget to compete with CNET. PChome was founded in 1996 as a download website.
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