Tom Group Buys Majority in Taiwanese Social Networking Site Pixnet

Tom Group, the Chinese online and mobile portal company, has bought a majority stake in Taiwanese blogging and social networking site Pixnet. The 90 percent stake is being bought through Tom’s subsidiary company Cite Publishers. It has paid about $3.35 million for the stake, this DigiTimes story says. The company’s existing shareholders will hold the remaining 10 percent stake.
Pixnet is the second biggest such community site in Taiwan. The bigger, Wretch, was recently bought out by Yahoo, reportedly for around $22 million.
Jongo: Pixnet was founded by two university students in 2003 and has developed freely as a school community site. The website was commercialized for the first time in April, 2006. Currently, the number of the registered members has reached about 300,000.

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