Telstra acquires stake in Chinese online advertising businesses
Today, Telstra Australia acquired 55 % of 2 Chinese internet businesses with leading positions in the fast growing online auto industry and digital device advertising sectors. Telstra acquired the controlling stakes in the two businesses, Norstar Media and Autohome/PCPop, for an undisclosed amount. Both businesses are cash flow positive. Norstar, founded by Chairman Mr Lan Jiang, operates the popular auto site Che168.com and leading digital device site IT168.com. Autohome/PCPop, founded by successful young Chinese entrepreneur Mr Li Xiang, operates the leading auto site Autohome.com.cn and popular digital device site PCPop.com.
Telstra CEO Sol Trujillo said that the acquisition were consistent with Telstra strategy of creating a media comms footprint in Australia and also internationally. (Read the article)
