Ebay (NASDAQ:EBAY) announced late Thursday that it plans to sell Rent.com to Primedia Inc.
Charles
Stubbs, PRIMEDIA President and Chief Executive Officer, who will lead
the combined company said, "Rent.com has a strong reputation, brand
awareness, history and URL. Both Rent.com and PRIMEDIA have long track
records of delivering a high-quality consumer and client experience in
the marketplace."
The deal is expected to close sometime in the second quarter.
eBay
(NASDAQ:EBAY) has potential upside of 4.8% based on a current price of
$37.62 and an average consensus analyst price target of $39.43.