Last year, Newark, New Jersey Mayor Cory Booker and Sarah Ross co-founded a video startup called #WayWire. Video distributor Magnify acquired WayWire in an acquisition that comprised mostly of stock.
Mayor Booker will not personally profit from the startup sale. He gave all of the #WayWire shares to charity instead. WayWire has mostly inspirational and news videos.
#WayWire received $1.75 million in funding from First Round Capital, Innovation Endeavors, Troy Carter (Lady Gaga’s manager), Oprah Winfrey, and Jeff Weiner (LinkedIn CEO). #Waywire CEO Sarah Ross will be joining the Magnify.net Board of Advisors.
“#Waywire has a great vision and passion for bringing social video to a rapidly growing market segment in need. Magnify has pioneered high quality video curation and together with #Waywire?s user-created video Wires, we will offer consumers and enterprises something very unique in the marketplace. We look forward to working with Sarah and bringing our joint visions to fruition,” stated Magnify.net CEO Steven Rosenbaum.
#Waywire.com will now be powered by Magnify.net’s leading video curation platform. #WayWire will become Magnify’s consumer brand that is focused on enterprise customers like AARP and BBC.
[Update October 17: #WayWire has confirmed the acquisition in a press release. This article has bee updated with more details.]