PCWorld owner purchased by Chinese
International Data Group, the owner of PCWorld magazine and market researcher IDC, on Thursday said it was being acquired by China Oceanwide Holdings Group and IDG Capital, reports Liana B. Baker of Reuters.
Baker writes, “IDG will add to its media holdings in China including the Economic Observer, a business newspaper and a performance theater in Xi’an, Oceanwide director Brett Liu said.
“IDG’s headquarters will remain in Boston.
“Both Oceanwide and IDG Capital had initially bid separately for the entire company last April before IDG’s banker Goldman Sachs suggested they team up, IDG Chairman Walter Boyd said.
“Oceanwide will now become the controlling shareholder in IDG’s operating businesses with Shong’s IDG Capital taking a minority stake. IDG Capital will take the majority stake in the IDG venture businesses.”
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