Industry News

EBay buys stake in Craigslist

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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 Whitm...