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Cellular carrier Cellcom to bail out Netking Internet portal for unknown sum

Assessments are that price paid was less than $500,000

Israeli cellular carrier

Cellcom

is buying

Netking

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, one of Israel's smallest Internet portals, lock stock and barrel. Netking will continue to operate its Internet radio station, the children's portal Yoyo, and the interactive advertising agency Ginger.

Cellcom did not disclose how much it had doled out for the portal, but assessments are that it would not have paid more than $450,000, the price Tel Aviv Stock Exchange-traded Suny Electric paid a few weeks ago for Tapuz, another Israeli portal teetering on the edge of the abyss.

TASE-traded holdings company Discount Investment in involved with both companies, with 22% of Cellcom and 30% of Netking.

Cellcom President and CEO Jacob Perry said that the purchase of Netking is another step toward entering the wireless and desktop content and e-commerce market.