EBay writes down its investment in Skype

by Fredrik Savin on 02/10/2007 · 0 comments

EBay, the company behind the online auction and shopping website ebay.com, has written down its investment in Skype, an Internet telephone service, by £695m (nearly 50%). Skype has continued to add new users (its current user base is said to be 200m) at a fast rate but failed to produce the sort of e-commerce and advertising revenues that EBay had hoped for when it acquired the firm.

FT.com reports that EBay continues to insist that its long-term hopes for Skype remain unchanged and that it has no plans of selling the business.

At the same time, the two co-founders Niklas Zennström and Janus Friis have quit as executives.  According to FT.com, Mr. Zennström stepped down as CEO after missing out on a pay-day that could have earned him and other shareholders an extra $1.2bn. Instead, he will become non-executive chairman of the company and is expected to spend more time on other projects. The Swedish entrepreneur states in an interview with Di.se that he would like to spend more time working on Joost.com, an online video company he founded together with Mr. Friis after selling Skype in 2005, and on Atomico, his risk capital group.

It will certainly be interesting to see what the two Scandinavian entrepreneurs can do with P2P TV after having mastered the field of P2P file-sharing with Kazaa and P2P VoIP with Skype.

Read more on:
http://news.bbc.co.uk/2/hi/business/7023197.stm
http://www.ft.com/cms/s/0/3a431624-7054-11dc-a6d1-0000779fd2ac.html
http://di.se/Index/Nyheter/2007/10/01/250671.htm?src=xlink (Swedish only)

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