Just in case no one's caught this yet
Straight from sf_drama (sorta like FW), and of COURSE, LJ wasn't gonna announce this until it was too late.
LOS ANGELES, CA, March 17, 2008 - News Corporation announced today that it signed a definitive agreement to acquire the LiveJournal trademark and organization from their current owners, Russian media company SUP Fabrik, for approximately $580 million in cash, or the equivalent of $12 per common share. The acquisition of LiveJournal, combined with the recently announced formation of Fox Interactive Media, underscores News Corporation’s commitment to expand its internet presence by offering a deeper, richer online experience for its millions of users.
With the addition of LiveJournal, News Corporation’s U.S. web traffic will nearly double to more than 45 million unique monthly users, putting the Company in the top echelon of most trafficked content sites on the Internet today. LiveJournal is one of the largest and earliest multi-category online entertainment networks, with more than 27 million unique monthly users. LiveJournal's fusion of community and personal "blogging" allowed the network to capture a remarkably large market share in its earlier years, and continues to attract millions of users every week.
"LiveJournal is an important acquisition for News Corp., instantly doubling the number of visitors to our sites and providing an ideal foundation on which to meaningfully increase our internet presence," said News Corporation's Chairman and Chief Executive Officer, Rupert Murdoch. "LiveJournal's trademark name is one of the web's hottest properties and resonates well with the same consumers we are currently targeting for further consumption. LiveJournal's ongoing popularity, combined with our existing online assets, will provide a richer experience for today's internet users."
The transaction is expected to close in the 2nd quarter of calendar year 2008, and is subject to certain customary conditions including approval of the LiveJournal common and preferred investors.
"We are very excited to combine our unique Internet reach and assets with one of the most exciting media companies in the world. We look forward to continuing to lead the market in unique content, social networking, and analytical marketing," said Andrew Paulson, SUP Fabrik's Founder and CEO.
LiveJournal founder Brad Fitzpatrick was unavailable for comment.
Video of the press statement is here.
x___X;; Why does no one want to keep us?!
LOS ANGELES, CA, March 17, 2008 - News Corporation announced today that it signed a definitive agreement to acquire the LiveJournal trademark and organization from their current owners, Russian media company SUP Fabrik, for approximately $580 million in cash, or the equivalent of $12 per common share. The acquisition of LiveJournal, combined with the recently announced formation of Fox Interactive Media, underscores News Corporation’s commitment to expand its internet presence by offering a deeper, richer online experience for its millions of users.
With the addition of LiveJournal, News Corporation’s U.S. web traffic will nearly double to more than 45 million unique monthly users, putting the Company in the top echelon of most trafficked content sites on the Internet today. LiveJournal is one of the largest and earliest multi-category online entertainment networks, with more than 27 million unique monthly users. LiveJournal's fusion of community and personal "blogging" allowed the network to capture a remarkably large market share in its earlier years, and continues to attract millions of users every week.
"LiveJournal is an important acquisition for News Corp., instantly doubling the number of visitors to our sites and providing an ideal foundation on which to meaningfully increase our internet presence," said News Corporation's Chairman and Chief Executive Officer, Rupert Murdoch. "LiveJournal's trademark name is one of the web's hottest properties and resonates well with the same consumers we are currently targeting for further consumption. LiveJournal's ongoing popularity, combined with our existing online assets, will provide a richer experience for today's internet users."
The transaction is expected to close in the 2nd quarter of calendar year 2008, and is subject to certain customary conditions including approval of the LiveJournal common and preferred investors.
"We are very excited to combine our unique Internet reach and assets with one of the most exciting media companies in the world. We look forward to continuing to lead the market in unique content, social networking, and analytical marketing," said Andrew Paulson, SUP Fabrik's Founder and CEO.
LiveJournal founder Brad Fitzpatrick was unavailable for comment.
Video of the press statement is here.
x___X;; Why does no one want to keep us?!