Shanda Interactive Entertainment (Nasdaq: SNDA) announced today that it has acquired Qidian (www.cmfu.com), a Chinese original entertainment literature portal, in an all cash transaction. Specific terms were not disclosed.
Qidian is a forum for independent writers to publish their original literature online, including magic fantasy works, science fiction works and works based upon the story lines of online games. Through Qidian's literature platform, readers can interact and communicate with authors as well as subscribe for access to the published works.
According to data provided by the management office, Qidian has published approximately 14,000 literary works with a total Chinese character word count exceeding 1.2 billion. In addition, Qidian has obtained the electronic copyrights to approximately 300 of the most popular works that it has published. According to the company's management, approximately 10,000 writers have authorized Qidian to publish their works. Daily pageviews are currently around 30 million, which ranks Qidian as the 35th most popular Chinese language website according to Alexa.