dcsimg

Once a Social Media Star, Digg Sells for $500,000

Development firm Betaworks will acquire the site that was once valued at $160 million.

The Wall Street Journal: Unnamed "people familiar with the matter" say that development firm Betaworks has signed a deal to purchase Digg for just $500,000. Digg, a social news reader site, once seemed to have a much more promising future. It raised $45 million from prominent investors and was valued at more than $160 million. Founder Kevin Rose appeared on the cover of BusinessWeek under the headline "How This Kid Made $60 Million in 18 Months," and the site previously received purchase offers as high as $200 million.

Betaworks will combine Digg with its News.me division. None of the current Digg employees will work at the new entity.




Tags: website, social media, Digg, mergers and acquisitions


0 Comments (click to add your comment)
Comment and Contribute

 


(Maximum characters: 1200). You have characters left.

 

 

IT Management Daily
Don't miss an article. Subscribe to our newsletter below.

By submitting your information, you agree that datamation.com may send you Datamation offers via email, phone and text message, as well as email offers about other products and services that Datamation believes may be of interest to you. Datamation will process your information in accordance with the Quinstreet Privacy Policy.