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Shanda Literature Acquires Stake in Readnovel.com

Sina Tech, 2/11/10

Hou Xiaoqiang, CEO of Shanghai-based online entertainment company Shanda (Nasdaq: SNDA) subsidiary Shanda Literature, confirmed that the company has bought a controlling stake in rival online literature site ReadNovel.com for an undisclosed price. 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.

ReadNovel.com was established in 2004, and has an average of 60 mln daily visits from approximately 2 mln unique users.

Keywords: ReadNovel M&A Shanda Hou Xiaoqiang Internet online literature Shanda Literature SNDA Internet traffic

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