Comcast Acquires DailyCandy For $125 Million
Comcast Corporation (NASDAQ:CMCSA) has acquired DailyCandy, a newsletter service that sends daily e-mails and text messages to subscribers interested in activities happening at major cities.
There are specific city editions that include Atlanta, Boston, Chicago, Dallas, London, Los Angeles, Miami, New York, Philadelphia, San Francisco, Seattle, and D.C. There are kid versions available for all of these cities as well. DailyCandy also sends out Travel deals and coupons everyday to subscribers.
DailyCandy wrote a book called The DailyCandy Lexicon: Words That Don’t Exist But Should. One sample lexicon used in the book includes “textual frustration: a late-night text exchange that fails to result in old-fashioned lip-locking [CNET].” DailyCandy employs about 55 people and Pilot Group Ventures owned a majority of the company
DailyCandy has also expanded to six additional categories that includes: fashion, beauty & fitness, lifestyle, house & home, food & drink and arts & culture
The acquisition price for Dailycandy was $125 million. Bob Pittman of the Pilot Group stated that DailyCandy was close to hitting $25 million in revenues this year and well over $10 million EBITDA.
“I have been associated with the start-up, turnaround or acceleration of many companies and major brands, and rarely have I seen the kind of creativity, commitment and passion I’ve seen day in and day out at DailyCandy,” stated Pittman. “And the results speak for themselves: since we made our investment in 2003, subscriptions have grown from just over 200,000 to over 2.5 million.”
Rumor also has it that Comcast beat Viacom for this deal.@amitchowdhry or on Google+ at +AmitChowdhry