Betaworks, the company behind bit.ly, news.me, Chartbeat and a number of other successful products, has acquired the social news site Digg.com for an undisclosed amount. Betaworks’ founder John Borthwick will become the new CEO of Digg. The site’s current CEO Matt Williams will join Andreessen Horowitz as Entrepreneur in Residence after the Betaworks transition is complete. Digg’s founder Kevin Rose joined Google a few months ago after the search engine acquired his latest startup Milk. Rumor has it that the price was just $500k, but that number doesn’t really make a lot of sense, given that the site still gets enough traffic to make more than that in a year by just selling ads. Read the full story at Tech Crunch.
Betaworks Acquires Digg (For Significantly More Than $500K)
Author: Shelly Palmer
Shelly Palmer is Fox 5 New York's On-air Tech Expert (WNYW-TV) and the host of Fox Television's monthly show Shelly Palmer Digital Living. He also hosts United Stations Radio Network's, Shelly Palmer Digital Living Daily, a daily syndicated radio report that features insightful commentary and a unique insiders take on the biggest stories in technology, media, and entertainment. He is Managing Director of Advanced Media Ventures Group, LLC an industry-leading advisory and business development firm and a member of the Executive Committee of the National Academy of Television Arts & Sciences (the organization that bestows the coveted Emmy® Awards).