Last week the powerful online reading company Shanda acquired “controlling stake” in an online rival, ReadNovel.com.
Online reading is big business in China, and Shanda Literature reportedly controls 90 percent of the market. Here’s more context from China Economic Review: “Since it was established in 2004, ReadNovel.com has become one of the largest online literature sites in China, receiving an average of 60 million daily visits from two million unique users.”
Here’s more from Marbridge Daily: Shanda’s CEO Hou Xiaoqiang, would not reveal the purchase price. Here’s more: “Hou said Shanda Literature will make more purchases in the future. The ReadNovel.com operations team will ‘remain stable,’ Hou said, adding that Shanda will not interfere with the site’s operations.” (Via Literary Saloon)