eBay announced an agreement with Sanook, a leading online portal in Thailand, to launch an ecommerce site that will enable individuals and businesses in Thailand to participate in local trade as well as cross border trade through eBay's global Web sites. Under this revenue-sharing agreement, the co-branded site, called Sanook! eBay, will be managed and operated under a newly formed Sanook subsidiary. The Thai-language local site is expected to launch in approximately five to seven months. Once the site is launched, Thailand will be the 38th market where eBay has a local presence.

According to the press announcement, Sanook.com was established in 1998 as a subsidiary of MIH Group, a wholly-owned subsidiary of Naspers Limited. Naspers Limited (JSE:NPN)(NASDAQ:NPSN), is a multinational media company operating in 50 countries. Its principal operations include electronic media (including pay-television, Internet and instant-messaging subscriber platforms and the provision of related technologies) and print media (including the publishing, distribution and printing of magazines, newspapers and books, and the provision of private education services). Sanook offerings are search engine, marketplace, entertainment, infotainment, communication, social networking, mobile services, online advertising and search marketing.

"The ecommerce community in Thailand is among the most active we've seen anywhere," said Lorrie Norrington, president, eBay international marketplaces. "Through this agreement, we are combining our core competency in cross border trade with Sanook's local market expertise to deliver the best e-commerce experience for Thai users, enabling them to not only engage in domestic trade but also to buy from and sell to the world."