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Betaworks buys social media site Digg for $500,000 plus stock

2012-07-13 09:53 by
Tags: Betaworks, Digg

 

Yesterday Betaworks, a technology incubator in New York, said it had acquired the social-media pioneer site Digg.

Reportedly, Betaworks paid $500,000 for Digg's assets, including the site and its technology, and Digg shareholders received equity in a new Betaworks unit that will use those assets, according to a person involved in the deal. That equity was worth something in the "single-digit millions," this person said.

Since the release of Digg v4, dubbed "the new Digg" in the summer of 2010, the once-hot company has met with a series of challenges. Poor reception led to plummeting traffic, changes in management and layoffs. Digg co- founder Kevin Rose left the company in March 2011.

The sale to New York tech incubator Betaworks came after the majority of Digg's engineering staff left in May for Social Code, a subsidiary of The Washington Post Co.

"Over the last few months, we've considered many options of where Digg could go, and frankly many of them could not live up to the reason Digg was invented in the first place - to discover the best stuff on the Web," Digg CEO Matt Williams said in a blog post. "We wanted to find a way to take Digg back to its startup roots."

Read more -here-

 

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by YARDofSTUF - 2012-07-13 12:10
Such a big site at one point and now its only worth 500k? Kinda sad.
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