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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Microsoft Corporation | NASDAQ:MSFT | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.46 | 0.36% | 408.12 | 408.10 | 408.19 | 65,069 | 13:03:10 |
From May 2019 to May 2024
By Jay Greene
Three months after saying it would shutter its MSN China web portal, Microsoft Corp. has decided instead to sell the business to a Chinese entity run by a former general manager at Microsoft Online.
Microsoft said Tuesday that it entered into a "management buyout agreement" on Aug. 10 with XiChuang Technology (Beijing) Co. under which XiChuang would acquire Microsoft Online Network Communications Technology (Shanghai) Co. The companies didn't disclose the terms of the deal but said that Anderson Liu, a former general manager of Microsoft Online, is the chief executive of XiChuang.
In May, Microsoft said it planned to shut down the Chinese Web portal as the software giant shifts away from providing online content to offering software and services for Windows 10 devices.
In a press release Tuesday, Microsoft said it is "collaborating closely" with XiChuang on search advertising and operations to ensure a smooth transition and added that China is a strategic market where it will continue to invest.
Write to Jay Greene at Jay.Greene@wsj.com
(END) Dow Jones Newswires
August 30, 2016 19:05 ET (23:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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