Sector brief: Tech, Media & Telecom
Shanda buys a controlling stake in ReadNovel.com
February 12, 2010: Shanda’s investment increases its presence in the Chinese literary market and further establishes the company’s copyright trading business
Shanda Interactive (SNDA.NASDAQ) has taken a controlling stake in Chinese online literature website ReadNovel.com. Hou Xiaoqiang, Shanda’s CEO, said that the company’s literature division, Shanda Literature, will make additional future acquisitions, but will not interfere in ReadNovel.com’s operations. Shanda did not disclose a price for the deal.
Since it was established in 2004, ReadNovel.com has become one of the largest online literature sites in China, receiving an average of 60 million daily visits from two million unique users. Shanda Literature is the dominant force in China’s online-reading market, with a 90% share. It currently operates online literature platforms qidian.com, hongxiu.com, jjwxc.net, and in December announced an investment in literature site rongshuxia.com.
Shanda officials have said the company plans on using its user-generated literary works as a source of additional content for its online games...
Since it was established in 2004, ReadNovel.com has become one of the largest online literature sites in China, receiving an average of 60 million daily visits from two million unique users. Shanda Literature is the dominant force in China’s online-reading market, with a 90% share. It currently operates online literature platforms qidian.com, hongxiu.com, jjwxc.net, and in December announced an investment in literature site rongshuxia.com.
Shanda officials have said the company plans on using its user-generated literary works as a source of additional content for its online games...
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