Baidu Completes Acquisition of Zongheng to form China’s Largest eBookstore

Chinese search engine giant Baidu that is often considered the country's Google equivalent has concluded the takeover of China's biggest ebookstore Zongheng. Negotiations towards this has been underway for some months now and the above conclusion can be considered to be just a step closer to it being seen as a content provider akin to what Google has shaped themselves to be off late. The deal that is worth RMB 191.5 million ($31.3 million) will add another 100,000 titles to Baidu's existing stockpile of ebooks. This will put the company is better stead against rivals Suning as well as Amazon's Kindle store. Also, this makes Baidu's fifth major acquisition of the year that has cost the company a total of $2.74 billion so far. Baidu Completes Acquisition of Zongheng to form China’s Largest eBookstore is a post from: E-Reader News

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