Private equity group buys stake in NexTag: report

NEW YORK Fri Jun 8, 2007 7:31pm EDT

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NEW YORK (Reuters) - Providence Equity Partners Inc. has bought a controlling stake in online shopping site NexTag Inc. for about $830 million, the Wall Street Journal reported on Friday.

The Wall Street Journal, on its Web site, cited people familiar with the situation in reporting that Providence is buying a roughly two-thirds stake in closely held NexTag.

NexTag could not immediately be reached for comment. Providence Equity Partners could not immediately be reached for comment.

Current investors in NexTag include the company's management and venture capital firm Morgenthaler Ventures, the paper reported.

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