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Yahoo Japan to Buy Toshiba's Online News Firm for 1.3 Bil. Yen

Posted on: Friday, 24 March 2006, 12:00 CST

By Kyodo News International, Tokyo

Mar. 24--TOKYO -- Yahoo Japan Corp. said Friday it will turn NewsWatch Inc. into its subsidiary by acquiring a 69 percent equity stake in the online news company from its parent Toshiba Corp. for 1.32 billion yen.

Yahoo Japan said the acquisition is part of its efforts to strengthen news services on its Internet sites.

NewsWatch, established in 1996, provides online news search and clipping services to companies. The company, which obtains news from its partner newspapers and publishers, has well-developed know-how in searching news on the Net.

Toshiba said it will continue to hold the remaining 20 percent stake in the news company, adding the handover of the shares to Yahoo Japan will take effect on March 31.

Other shareholders of NewsWatch include Dentsu Inc. and Mitsui & Co.

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Copyright (c) 2006, Kyodo News International, Tokyo

Distributed by Knight Ridder/Tribune Business News.

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Source: Kyodo News International, Tokyo

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