Russian search engine Yandex on Monday announced that it had agreed to buy the country's most popular car classified website, Auto.ru, for $175 million.
Yandex expects to complete its purchase of 100 percent of Auto.ru, which will keep its current domain name, by the third quarter of 2014, the company said in a statement.
Internet heavyweight Yandex enjoys a commanding lead over Google in the Russian market, with 62 percent of all search engine queries being submitted to it, and just 27 percent via Google.
Auto.ru has more than 400,000 individual listings for cars on its website, which also features reviews, news, and a forum. It was created in 1996 by a group of car enthusiasts, making it Russia's first online community dedicated to motor vehicles, Yandex's statement said.
See also:
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
