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BetaWorks buys Digg

BetaWorks buys Digg, the social network site. Betaworks is acquiring a website that still has a well known brand and sizable audience of more than 7 million visitors per month as of May, according to comScore.

Digg was once one of the most promising start-ups in Silicon Valley. Digg is 7 year old and has  350 million Diggs, 28 million story submissions and 40 million comments. The website was founded in 2004 as a way for consumers to put together their own collections of news and other Internet content, rather than relying on the choices made by newspaper editors.

Digg confirmed Thursday it sold its brand, website and technology to Betaworks. The price is a pittance for a company that raised $45 million from prominent investors including Facebook investor Greylock Partners, LinkedIn Inc. founder Reid Hoffman, and venture capitalist Marc Andreessen.

Digg received higher offers from bidders that included technology and publishing companies and start-ups but ultimately decided Betaworks had the best plan for reviving its brand, these people said. In May, Washington Post Co. hired 15 members of Digg’s engineering team—more than half of the company’s overall staff—for its SocialCode digital media subsidiary.

Kevin wanted to share, “I’ve always been a fan of John’s product vision and the companies he builds, funds, and advises. John understands the real-time nature of the web and how to capture and surface trends as they occur. Given his experience with bit.ly, news.me, and Chartbeat I can’t wait to see what he does with Digg.”

Coming soon, Betaworks will unveil a new cloud-based version of Digg to complement the current News.me iPhone and iPad apps. Stay tuned.

(Source: Digg blog, Wall Street Journal)

 

 

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