March 22, 2012 / 9:44 PM / 6 years ago

EBay to sell to PRIMEDIA

SAN FRANCISCO (Reuters) - EBay Inc agreed to sell its unit to PRIMEDIA as the company shifts away from classified and listings businesses to focus on other e-commerce and payments efforts.

Visitors chat next to the Ebay logo at the CeBIT computer fair in Hanover March 2, 2011. REUTERS/Tobias Schwarz

The transaction is expected to close in the second quarter. Terms of the deal were not disclosed.

EBay agreed to buy for more than $400 million in late 2004. At the time, the company said the deal, which was mostly paid for with stock, would help eBay get into a new segment of the online real estate market.

More recently, eBay has been focused on improving its main online marketplace and expanding its PayPal payments business. is a leading online listing website for rental properties. The business will be added to several other rental websites already owned by PRIMEDIA, including,, and

PRIMEDIA was bought by affiliates of private-equity giant TPG Capital last year.

Reporting By Alistair Barr; Editing by Bernard Orr

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