Feeds

eBay buys Korean rival

Sold... to the primary-coloured magpie at the back

Reducing security risks from open source software

eBay is paying $1.2bn for South Korea's leading online auction house Gmarket, which will be combined with eBay's existing Korean auction site - Internet Auction Company.

The two sites will continue to operate separately, but presumably back office operations will be merged and headcount reduced to cut costs.

eBay has already secured agreement from the holders of 67 per cent of total outstanding shares.

The Gmarket board of directors have all approved the deal.

For the second quarter ended 30 June 2008, Gmarket grew revenue 26 per cent to $67m and operating income was up 74 per cent to $12.6m.

The purchase still needs to be cleared by South Korean anti-trust regulators.

eBay bought a majority stake of Internet Auction Company - the number two player in Korea - in 2001 for $120m.

The buy makes a lot more sense than eBay's recent inexplicable, and expensive, buys.

The auction house said this week it wanted to offload Skype - the Voip provider it bafflingly bought for $2.4bn in 2005 - and it has also sold StumbleUpon back to its founders for an undisclosed amount.

eBay has already written off $1.4bn of the value of Skype and in January revenues for the fourth quarter fell for the first time in its history. The online tat bazaar watched revenue fall 6.4 per cent while profits were down 31 per cent.

Yahoo! owns ten per cent of Gmarket which it has agreed to sell it to eBay.®

Mobile application security vulnerability report

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple ran off to IBM
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.