United Kingdom based Guardian Media Group is selling off ContentNext, a New York based technology media news blog network that was acquired three years ago. ContentNext was founded by Rafat Ali and is best known as being the parent company of the paidContent.org technology blog. Guardian hired boutique bank Coady Diemar Partners to help them sell off ContentNext.
It is believed that Guardian is looking to sell for between $15 and $20 million for ContentNext. Guardian has been debating the spin-off over the past year or so. Guardian is currently pushing for cost-cutting initiatives while also attempting to increase their reach in the United States. Former Bank of America executive Alan Hudson was hired by the Guardian to oversee the company’s investment portfolio.
?Following a strategic review Guardian News & Media has decided to seek a buyer for ContentNext Media. ContentNext is a high-quality asset but our focus in the US is on building the Guardian. It?s early days but we have received several expressions of interest and are talking to a select number of potential buyers,? said Guardian in an e-mail response to AllThingsD.