Online Travel Service Provider eLong to Acquire Fortune Trip; Three Year Advertising Agreement with SINA
From Yahoo finance: eLong Announces Plan to Acquire Fortune Trip, One of China's Leading Hotel Consolidators; Enters Three Year Strategic Advertising Agreement with SINA
"eLong, Inc. (Nasdaq: LONG), a leading online travel service provider in China, and SINA Corporation (Nasdaq: SINA), a leading online media company and value-added information service provider for China and for global Chinese communities, today announced that they have entered into definitive agreements by which eLong will acquire Shanghai Xinwang Computer Technology Co., Ltd. and its affiliate Bravado Investments Limited which together are engaged in the business of providing online and offline hotel booking services in the People's Republic of China ("PRC") under the Fortune Trip brand name."
"eLong and SINA separately announced they have entered into a three year strategic advertising cooperation agreement whereby eLong will become SINA's exclusive hotel bookings partner in the PRC upon the closing of the Fortune Trip transaction. During this period, SINA and eLong will operate a co- branded online hotel booking channel, and eLong will receive advertising placements on SINA's website including SINA's travel channel."
China Net Invstor: Barry Diller's InterActiveCorp, which owns US online travel services provider Expedia, owns 51 percent of eLong.
Barry Diller (IAC) infuses cash to Chinese online travel site eLong