QXL is being bought by a South African media corporation for more than £750m, reports the Sunday Times. Rumours had been circulating that eBay were to buy the online auction group, which derives most of its revenues from eastern Europe, especially Poland.
The purchasers, Naspers, own pay TV channels and newspapers mainly in South Africa, but seem to be keen to diversify abroad: just last week they bought Polish instant messaging service Gadu Gadu.
QXL was founded in 1997 by Financial Times journalist Tim Jackson. At the height of the dotcom boom, it was – albeit briefly – valued at Â£2bn.