InterneteBay Eyes Stake in Online Seller Gmarket

The online auction house looks to expand in South Korea.

eBay is seeking to buy a minority stake in Gmarket, the U.S. online auctioneer said on Wednesday, lifting shares of the South Korean online retailer by as much as 16 percent. Some on Wall Street saw the move as the first step toward eBay taking over Gmarket and removing it as a competitor in South Korea, where the two companies battle for market share. eBay (NASDAQ: EBAY) is in discussions with Interpark, a South Korean Web-based mall operator, and its chairman, Ki Hyung Lee, to buy out their interests, an eBay spokesman said. The companies are seeking approval from the Korea Fair Trade Commission, eBay spokesman Jose Mallabo said. RELATED ARTICLES Tiffany Fights eBay Court Ruling eBay Q2 Profits Up 22 Percent eBay Opens Up Wide to Developers eBay Warns of Revenue Risks Victory for eBay in Trademark Case For more stories on this topic: "There can be no assurance that the KFTC will approve the possible transaction, that an agreement will be reached or that a transaction will occur," Mallabo said in a statement. Interpark, the largest shareholder in Gmarket (NASDAQ: GMKT), directly held a 29.3 percent stake of that company, and Lee directly held 7.3 percent as of December 2007, according to Gmarket's most recent annual report filed in June. Were the KFTC to approve the transaction, eBay would have a controlling share in Gmarket. "The Korean market, due to its relatively more mature nature, is probably a good indicator... [ Read more on www.internetnews.com ]

InternetNew magazine-sharing site may violate copyrights (AP)

AP - The magazine industry, already facing a decline in newsstand sales and falling ad revenue, is being besieged by a new foe: digital piracy.

InternetT-Mobile First to Offer Android Smartphone

The high-end phone, which is based on Google's Android software, is expected to challenge Apple's iPhone as well as other smartphones.