South Korean internet firm NHN has bought up Japanese internet portal Livedoor for $68 million. Livedoor was once Japan’s hottest internet startup — and at its height even started a baseball team — but had its stock delisted after a financial scandal several years ago (Time neatly sums up the history here).
Livedoor remains one of Japan’s top portals, with about 30 million monthly users, according to this Reuters report. NHN, meanwhile, owns Korean search firm Naver. There had been rumors for several weeks now that NHN was trying to buy Livedoor, partly in order to boost Naver’s presence in Japan. NHN reportedly wants to control 10 percent of the Japanese search market within three years.