Friday
Jul112008
New Media .. Not Quite Dead Yet ?
Friday, July 11, 2008 at 7:41AM
Via the Wall Street journal's All Things Digital
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In what will be seen as a new media coup, sources tell BoomTown that Britain’s Guardian Media Group is set to announce this morning that it will buy the company that runs the high-profile digital media news site paidContent for a price “north of $30 million.”
That price, though, includes an earn-out, sources said, which will depend on future performance of the company.
The paidContent site is owned by ContentNext and was founded by Publisher and Editor Rafat Ali in 2002.
With the motto,”The Economics of Content,” paidContent has been a pioneer in the online news space, doing high-quality reporting about online media and digital efforts by big media companies.
ContentNext has offices in Santa Monica, Calif., and Manhattan and operates several other sites, and also runs several conferences.
The company had reportedly been raising funding of several million dollars recently to fuel more expansion.
But ContentNext’s only financial backer so far has been Alan Patricof’s Greycroft Partners, which invested an undisclosed amount in 2006.
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Guardian Media Group Buys paidContent for $30 Million
In what will be seen as a new media coup, sources tell BoomTown that Britain’s Guardian Media Group is set to announce this morning that it will buy the company that runs the high-profile digital media news site paidContent for a price “north of $30 million.”
That price, though, includes an earn-out, sources said, which will depend on future performance of the company.
The paidContent site is owned by ContentNext and was founded by Publisher and Editor Rafat Ali in 2002.
With the motto,”The Economics of Content,” paidContent has been a pioneer in the online news space, doing high-quality reporting about online media and digital efforts by big media companies.
ContentNext has offices in Santa Monica, Calif., and Manhattan and operates several other sites, and also runs several conferences.
The company had reportedly been raising funding of several million dollars recently to fuel more expansion.
But ContentNext’s only financial backer so far has been Alan Patricof’s Greycroft Partners, which invested an undisclosed amount in 2006.
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Reader Comments (4)
I know that Guardian Media Group Buys paid Content for $30 Million that's a lot of money, I've heard another company paid the same quantity but it was investing in their Viagra project.
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