Newsvine has been acquired by MSNBC
October 8th, 2007 by Dustin Brewer
It looks like the popular user published news site, Newsvine has been acquired by MSNBC. The site which launched in March of 2006 and now receives millions of page views a month. Currently the Newsvine team consists of 6 people. Newsvine had raised $1.5 million in capitol before it had been bought out. The figures of exactly how much the purchase price were haven’t been released, some speculate that it was as high as $54 million. This news is groundbreaking as of yesterday. The deal, however, was finalized on Friday, October 5th 2007. Mike Davidson the co-founder of the news service has detailed the release of this information on his blog.
Apparently it has been in the works for a few months now and the deal was finally at the point to make it public. You can find out more over at Mike Industries, on Newsvine , TechCrunchor even on the MSNBC web site about it.
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October 8th, 2007
It is still going to be the same company, they are just going to be getting a lot more traffic and a larger budget for development projects.
Which should be nice, Mike Davidson said somewhere that it won't be an issue for other news services to be listed on the site.
Supposedly MSNBC wants to keep the site as pure as possible. I'm not sure what that means, but for it being MSNBC's first acquisition ever it should be an interesting thing to keep an eye on.
October 8th, 2007
It’s pretty sweet for the Newsvine folks and props to Mike Davidson for getting some hard-earned and well-deserved bucks. I just hope Newsvine doesn’t turn for the worse. It’s kind of a strange move for a “social news” site to be bought by one particular news source. How is MSNBC going to feel when there is an ABC story on the front page?