Amazon buys Chinese Outpost

After being rebuffed by Chinese online retailer DangDang.com, Amazon has bought four-year-old Joyo.com instead, the "largest online retailers of books, music and videos in China." The transaction is valued at $72 million in cash. Analysts believe the Chinese deal is part of Amazon's efforts to maintain rapid revenue growth.

Seattle-based Amazon said it did not expect the deal to have a significant impact on its net sales or operating profits for the third quarter of 2004.

Meanwhile, executives at Joyo said this week that they expect its revenue to nearly double in 2004.