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.