Yahoo has won regulatory approval to acquire Taiwanese based social networking site Wretch.cc for $21.2m.
The relatively unknown Wretch, which we covered back in February, is a Xanga style blogging and social networking destination extremely popular in Chinese language markets, with an Alexa ranking in 36, making the Yahoo acquisition a complete and utter bargain.
According to reports, the purchase had been held up by the Taiwanese Fair Trade Commission, who investigated complaints that the acquisition would give Yahoo Taiwan unfair control over Internet advertising rates in Taiwan, and excessive market share as well.
Wretch is said to have 2.8 million members.
Originally posted on March 30, 2007 @ 7:34 pm