Telegraaf buys social networking site Hyves
The Telegraaf Media Group is to buy the Dutch social networking site Hyves, TMG said on Monday.
The takeover of Hyves, which claims nine million Dutch members, will strengthen TMG’s role as the Netherlands’ largest multi-media publishing group, the company said.
Financial details were not disclosed but the acquisition will be paid for in cash.
Hyves has a workforce of 140 and expects to achieve book sales of €20m this year.
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