EBay to put China site into its joint venture

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EBAY Inc. will roll its China site into a joint venture run by its Chinese partner Tom Online, a source said, in the latest example of a Western media firm ceding control of its China operation in the face of a tough market. Under the plan, eBay, the world’s biggest online auctioneer, will put its China eBay business, which it purchased for US$180 million, into a venture with Beijing-based Tom Online, a person familiar with the matter said. Tom Online, an Internet and wireless media specialist, will hold a controlling 51 percent of the venture, with eBay holding the remaining 49 percent, the source said.