Another purchase of an internet property. Yesterday I was listening to Jim Cramer’s MAd Money show and he was eulogizing NewsCorp – Rupert Murdoch’s company. There are some important and interesting internet properties they have – specifically MySpace.com .. which he values a lot… as well as other stuff.
Conde Nast, which bought Wired magazine eight years ago, is paying $25 million to acquire troubled online site Wired News from Lycos, the companies said late Tuesday.
Conde Nast, whose roster of publications includes The New Yorker, Vogue and Architectural Digest, will retain the 15 to 20 Wired News staffers, according to Daum Communications of Korea, which bought Lycos two years ago. The Wired News staff is located in the same building as the print magazine in downtown San Francisco.
Lycos will retain Hotbot, Hotwired and Webmonkey, the other Wired Digital properties.
“Wired News has always been synonymous with Wired Magazine, so it made sense for Lycos to transfer Wired News to Conde Nast, the parent company of Wired Magazine,” Alfred Tolle, chief executive of Lycos, said in a statement. “Wired News continues to be a leading brand in online news and this new ownership with strengthen both Wired News and Wired Magazine, creating better synergy between the two media brands.”