EBay is in talks with several parties for the sale of a classified business

FILE PHOTO: The German-headquartered online marketplace, eBay, will be shown on the Europarc Dreilinden business park, located south of Berlin in Kleinmachnow, Germany, on August 6, 2019. REUTERS/Fabrizio Bensch

(Reuters) – EBay Inc. (EBAY).(O) is in talks with several candidates for a possible transaction are to be classified-advertising business, the company said on Friday.

The company expects to provide an update with respect to the process by the middle of 2019 at the latest, it said in a statement.

Earlier on Friday, the Wall Street Journal reported eBay is in the reach of potential buyers to sell its classified ads business, which could be worth around $10 billion.

The activist shareholder, Starboard had sent a letter to the eBay board, saying that the company has not made sufficient progress in its plan to separate its advertising business.

In March 2019, the company announced a strategic review of the ads-the ads business, and its StubHub ticket unit

It Later agreed to sell on StubHub to Viagogo Ltd. for $4.05 billion.

Reporting by Abhishek Manikandan in Bengaluru; Editing by Cynthia Osterman

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