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.
posted on Thursday, November 15, 2007 (Link to more information)
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