EBay buys stake in Craigslist

Online auctioneer eBay today said it has acquired an approximate 25 percent stake in Craigslist, an online community that features classifieds and forums. The resulting relationship will allow eBay and Craigslist to share expertise, resources and creativity on behalf of online communities everywhere.

Financial terms of the deal were not disclosed.

With dedicated sites in 45 cities around the world, Craigslist is an online meeting place for millions of people looking to share ideas, meet a friend, find a job, a home to purchase or an apartment. The site is a magnet for people who want to trade in such goods as tickets, furniture, cars, and sporting goods.

Craig Newmark, founder of Craigslist, at a real estate conference in San Francisco last month, said the Web site has taken off in New York City and become extremely popular among those looking for apartments or other real estate.

"Craigslist is an excellent example of how the Internet brings people together," eBay CEO Meg Whitman said. "Whether it's to trade goods, help neighbors or speak out on important issues, Craigslist has become the online gathering place for local communities."

Newmark founded Craigslist in 1995. The site started in the San Francisco Bay Area and has branched out to form similar Web sites for cities nationwide. The Web sites include classified listings for jobs, housing, goods and services, personals, events, and community, plus a wide variety of discussion forums.

***

Send tips or a Letter to the Editor to jessica@inman.com or call (510) 658-9252, ext. 133.

All rights reserved. This article may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this article without permission is a violation of federal copyright law.