Spain’s Telefónica Moves into Social Networking, Buys Tuenti

In Global Trade Talk by Emily Williams

By Emily Williams Spanish telecom giant Telefónica, which took its first steps into the ebook market a month ago (as we reported here), last week laid down $70 million to acquire a 90% interest in Tuenti, Spain’s biggest homegrown social networking site. Tuenti has 8 million users and is especially popular among the young 14-20 age group. The move injects needed …