Online network theglobe.com (Nasdaq: TGLO), which integrates content, e-commerce and user interaction, announced Thursday that it has teamed up with auction house boxLot.com to launched a co-branded, person-to-person auction service for theglobe.com’s more than 10 million users. The new service is available via boxLot.com and on theglobe.com, where it is known as globeAuctions.
The auction site represents the first step in a $2.25 million partnership between boxLot.com and theglobe.com that was announced in March. This new service could generate significant revenue for theglobe.com over the long run, but shares of the stock closed down 1-5/16 to 55-1/8. One obvious problem that probably turned off investors was that the auction service wasn’t accessible on theglobe.com for part of the afternoon.