HowStuffWorks, an online product reference site, has received a commitment of $50 million in investment from shareholders of its joint venture partner Intac, a Chinese wireless and online services provider.
HSW, a unit of Atlanta-based Convex Group, and Intac formed a new company in summer last year, called HSW International, to develop commercial website targeted to Chinese users. The new company will pair the content rights owned by HowStuffWorks with the sales channels in China developed by Intac. HSW will generate revenue through advertising sales. Also last year, billionaire investor Carl C. Icahn and Deutsche Bank AG each invested $10 million in the new company, according to the companies...and now additional investors have come in, raising the total money invested to $50 million.
This amount is an estimate based upon agreements for the purchase of $43.5 million of common stock of HSW International and an additional 900K shares of common stock of HSW International.
Kinda confusing, this all, but details in the release here.
Related: Carl Icahn Invests “Tens Of Millions” in Reference Site HowStuffWorks