Media Conglomerate IAC is planning to invest $100m within a year to expand its presence in China, as told by Barry Diller, the chairman and chief executive of the company.
Earlier this month, IAC announced plans to split its business into five publicly traded companies to streamline its operations and help investors to accurately value its businesses.
Mr Diller said that he may invest $100m to buy an existing company or establish a new business by backing a Chinese entrepreneur. He added that China’s growing online gaming industry was an area of interest and would like to bring Ask.com into China within the next two years.
The company has already invested $200m in China, spearheaded by its online travel agency Expedia, which has a majority stake in Chinese online travel company eLong.
IAC’s move into China follows the entry of search giants Google and Yahoo. Entering the Chinese market carries risks for foreign companies due to the censorship and state monitoring of the internet. Last week, Yahoo settled a lawsuit alleging that it provided information to the Chinese government, which was used to prosecute the dissidents.
Source: ComputerWire daily updates