Whatever spin they want to give to it, effectively, this means that Yahoo has given up on developing its online portal in India. The only headway Yahoo has been able to make in India is in mobile content, and the deal below reflects it…
Shares of Rediff.com soared in midday trading Wednesday after the India-based Internet portal operator said it would join with Yahoo to jointly promote online shopping and mobile content on their sites.
Rediff.com shares were up $4.05, or 46 percent, to $12.77.
The deal calls for Rediff.com to run Yahoo’s India shopping channel, and Yahoo will showcase content like ringtones, wallpapers and games on Rediff.com’s site. Financial terms weren’t disclosed.
More details in the press release…
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