Asiacontent.com Sells CNET Asia to CNET for $6M
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[ASIA] Asiacontent.com will sell its CNET Asia sites to joint venture partner CNET Networks, Inc. for $6 million in cash, Asiacontent announced Wednesday.
"The sale of Asiacontent.com's joint venture interest in CNET Asia reflects the company's strategic direction to leverage its content management platform through its Internet solutions business," Asiacontent said in a statement. As part of the agreement with CNET, Asiacontent.com will provide technical support and content management for CNET's Asia sites for six months.
Asiacontent has been moving away from its original business model of localizing U.S. and European Internet brands in Asia to a solutions business. The company is also continuing its relationship with advertising network DoubleClick.