Today the media has been going crazy because they believed that Digg sold for $500,000, which is a lot lesser than the $200 million acquisition negotiation that was happening back in 2008. The company that acquired Digg was Betaworks, which is known as the company that Bitly spun out from.
The Washington Post is teaming up with Socialcam to create and distribute the coverage of the 2012 Summer Olympics in London. The app does not impose a time limit on videos, which makes it great for Washington Post reporters carrying iPhones to tape “on-the-scene interviews” at the Olympic Games.
SocialCode is a social media advertising company and subsidiary of The Washington Post Co. SocialCode has announced that they have hired 15 employees from Digg.com. Digg was one of the most popular Silicon Valley companies where millions of people voted on the top news stories every day. They have declined in the last few years because of poor redesigns and constant unpopular changes. Many of their users flocked to Reddit or Twitter to distribute news to their friends.
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Some Facebook Social Readers are dropping at a rapid pace. Publications such as The Guardian UK and The Washington Post are seeing their social readers drop in traffic at a rapid pace because users are abandoning the tools. The Washington Post grew their social reader to almost 18 million users last month, but now they are at 9.2 million.
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There has been a rumor that Digg is being acquired by The Washington Post. However it turns out that The Washington Post is poaching a lot of talent from Digg’s technology team. The morale at the company has been low ever since Digg founder Kevin Rose left the company to start Milk. Milk was acquired by Google and Rose is now employed at the search engine company. The Washington Post is planning to place the new hires alongside the people that built The Washington Post Social Reader Facebook application.
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Fab.com is a social network for gay men that used to be known as Fabulis. Fab.com has raised $8 million in Series A funding.
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The Washington Post Company has bought out iCurrent, a service where people can view news according to their interests. There is no word on what the acquisition price, but VentureBeat speculates that it is above $5 million. iCurrent was funded by Crosslink Capital, who plugged in about $3 million since the news company started in 2007. [VentureBeat]
The Washington Post has announced that they are exploring the possibility of selling Newsweek Magazine. Newsweek has been losing money and The Washington Post chairman Donald Graham said that the magazine might be a better fit elsewhere. The Washington Post hired Allen & Company to help find a buyer. Newsweek launched in 1933 and was acquired by The Washington Post in 1961. [BBC]
