Ebay Sells Stake Back To Craigslist; Prepares For Split With PayPal
SAN JOSE (BCN)-- E-commerce company eBay has sold its 28.4 percent stake in Craigslist back to the online classified advertising site, ending years of legal wrangling between the two companies.
The move comes as eBay prepares to split with its online payments system PayPal. Financial terms were not disclosed.
eBay bought a stake in Craigslist in 2004. But the two companies have tussled in the legal arena.
Craigslist accused eBay of using confidential information to start its own classifieds site in the U.S. in 2007.
eBay said with the repurchase, all litigation between eBay and Craigslist will be dismissed. It declined to comment further.
Craigslist posted an excerpt of eBay's statement on its blog along with an excerpt of Shakespeare's "All's Well That Ends Well," including the line "Love all, trust a few."
© Copyright 2015 by CBS San Francisco and Bay City News Service. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
