Trade Me sells for $463 million

March 6, 2006 at 10:18 AM

WELLINGTON, New Zealand, March 6 (UPI) -- Australian media company John Fairfax Holdings has bought New Zealand's top Internet auction site, Trade Me, for $463 million.

Trade Me founder and chief executive Sam Morgan will continue to run the business, the Wellington Dominion Post said Monday.

Wellington-based Trade Me has 1.2 million members who are expected to host 35 million auctions this year.

Related UPI Stories
Topics: John Fairfax
Latest Headlines
Trending Stories
Rapper DMX found unconscious, revived by New York police
Alaska woman claims McDonald's Happy Meal hasn't aged in six years
N.H. primary polls open: Kasich, Sanders get early leads
5 Reasons why Denver Broncos won't be repeat champions
Exposure to flashing light may prevent jet lag