Tom.com has released an announcement saying that it will postpone the acquisition of Chongqing-based CPCW (Computer Press) and Chongqing Zhongkepu Media Development Holdings Company until March 31, 2006.
There is no immediate word on why the company has postponed the purchase. Tom.com plans to take a 49% stake in the new joint venture.
Tom.com signed the acquisition agreement with CPCW and Chongqing Zhongkepu Media Development Holdings Company in September 2004.
It has already been granted a business license for the joint venture, whose official name has not yet been released, between the two following the transaction with the approval of the General Administration of Press and Publications, the Ministry of Commerce and the State Administration of Industry and Commerce.