CNET in $10mn auto site acquisition in China

I'm not sure how solid the details of these reports are but it appears that CNET has acquired XCAR in China for a rumoured $10 million. CNET's Q2 announcement released two days ago confirms the acquisition but not the price.

As a tech media player, CNET is one of those companies which hovers in the neverland between B2B and B2C. A quick glance would suggest that XCar falls for now mainly into the latter category. It will be interesting to see which way CNET takes it. It will also be interesting to see how the deal is structured as there are restrictions on foreign ownership of Internet Content Providers in China which roughly mirror those affecting print publishers.

Update: there's a bit more about this now on China Stock Blog which quotes CNET Chairman and CEO Shelby Bonnie saying "Xcar, which is based in Beijing, is one of the top-three properties related to the auto industry in China. Xcar is dedicated to news, reviews and information regarding the auto market in China. The site is a mix of both original and user-generated content, as well as a rich database of car and related product information."