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MediaNews, Hearst Buy Majority Stake In Kaango

MediaNews and Hearst have purchased a majority stake in Kaango, a Denver-based firm which develops software for posting online classified ads, according to a 10-Q filing by MediaNews. MediaNews, which is also based in Denver, disclosed as part of a filing with the SEC that a new joint venture it has with Hearst has purchased 80 percent of Kaango for $20.0M, and that it now holds and option to purchase the remainder of the firm. The newly formed joint venture is equally split between MediaNews and Hearst. More information »