EBay Inc agreed to sell its Rent.com unit to PRIMEDIA as the company shifts away from classified and listings businesses to focus on other e-commerce and payments efforts.
The transaction is expected to close in the second quarter. Terms of the deal were not disclosed.
EBay agreed to buy Rent.com for more than $400 million in late 2004. At the time, the company said the deal, which was mostly paid for with stock, would help eBay get into a new segment of the online real estate market.
More recently, eBay has been focused on improving its main online marketplace and expanding its PayPal payments business.
Rent.com is a leading online listing website for rental properties. The business will be added to several other rental websites already owned by PRIMEDIA, including ApartmentGuide.com, Rentals.com, RentalHouses.com and NewHomeGuide.com.
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PRIMEDIA was bought by affiliates of private-equity giant TPG Capital last year.
(Reporting By Alistair Barr; Editing by Bernard Orr)