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Online Auction Giant eBay Buys 25% Stake in Craigslist

Authored by Mark Hefflinger on August 13, 2004 - 2:54am.
San Francisco -- Giving it the added strength of a major backer, craigslist, a provider of classified ad sites in 45 cities, said on Friday that it has sold a 25% stake in the company to online auction giant eBay for an undisclosed price. As much as the financial support, the company said that it will be able to share in eBay's expertise, resources and creativity. "[eBay CEO] Meg [Whitman] has helped us preserve the craigslist mission, and I really appreciate it," said Craig Newmark, craigslist's founder and chairman. "We're thrilled to have found a shareholder of eBay's stature," said Jim Buckmaster, the president and CEO of craigslist. Financial terms of the deal were not disclosed. Craigslist sites include localized classified listings for jobs, housing, goods and services, personals, events, and community, as well as a variety of discussion forums.
tags: Internet | eBay | Auction Giant | Craigslist |