Groupon rejects Google’s $6 billion offer

December 7, 2010 — Fusion DigiNet

According to numerous reports, Groupon has rejected a bid from Google of between $5 and $6 billion. Neither company is commenting on the story.

Groupon, which has raised around $170 million, is one of the fastest-growing VC backed companies ever. Forbes published an aticle in Augusted titled “Meet The Fastest Growing Company Ever“. Groupon’s annual revenues are reported at around $500 million. The All Things Digital blog reports that Groupon has attracted upward of $50 million in monthly revenue.

USA, Mountain View, CA & Chicago, IL

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Publishers Clearing House acquires Candystand.com

December 7, 2010 — Fusion DigiNet

Publishers Clearing House has acquired Funtank and its casual and branded gaming property Candystand.com. Funtank will operate as a wholly owned subsidiary of Publishers Clearing House and maintain its current offices in the Tribeca neighborhood of New York City. Funtank will continue to be led by co-founders, James Baker and Scott Tannen. The financial terms of the deal were not disclosed.

“Candystand and the Funtank team will be key in driving Publishers Clearing House’s social, mobile and web game development capabilities and provide our advertisers with more scale and reach across the online gaming audience,” said Josh Glantz, vice president and general manager of PCH Online. “We look forward to combining our unique media offerings as well as promotional and sweepstakes expertise with their creativity to reach new audiences, deliver new experiences and develop new businesses. Integrating Candystand into our offerings will also enhance our ability to deliver a wider range of opportunities for consumers to play and win in addition to our traditional sweepstakes.”

Candystand.com was acquired by Funtank from Wrigley in 2008. Since its launch by Nabisco’s Life Savers Company in 1997, the site has built a substantial audience by delivering online games of the highest quality. In most cases, these games are branded and sponsored by some of the world’s top brands. By adding the Funtank team to its fold, Publishers Clearing House strengthens its emerging casual gaming business, enhances its unique advertising offerings and will help to attract, retain and build even bigger audiences across the web as well as social and mobile platforms.

“Joining forces with Publishers Clearing House will be outstanding for our Company, our clients and most importantly, our users,” said Funtank president and co-founder Scott Tannen. “We look forward to working with them to not only extend the reach and visibility of our integrated marketing programs, but to also bring our loyal audiences loads of new content and ways to win. In concert with the PCH team, the Candystand and Funtank brands will aggressively expand into the mobile and social media spaces, creating unparalleled branding entertainment opportunities for our clients.”

USA, New York, NY

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AOL exploring a breakup of the company and merger with Yahoo

December 7, 2010 — Fusion DigiNet

Reuters is reporting that AOL is actively exploring a breakup involving a complicated series of transactions that may lead to a merger with Yahoo.

AOL has not made a formal proposal to Yahoo. Reuters sources have requested anonymity because they were not authorized to speak to the media.

Read the full story

USA, New York, NY

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SC Business Publications buys South Carolina business publications from Ohio Community Media

November 30, 2010 — Fusion DigiNet

SC Business Publications LLC, a newly formed company led by regional private equity firm Virginia Capital Partners LLC has acquired a group of South Carolina business publications based in Charleston.  The group includes Charleston Regional Business Journal, GSA Business serving the Greenville-Spartanburg area, the Columbia Regional Business Report, SCBIZ Magazine and other business related publications, events and websites. Terms of the transaction were not disclosed.

Existing management will remain in their current roles. Grady Johnson was named president and will continue as group publisher.

“We are anxious to turn our focus to growth and serving the needs of the state’s business community. With the assistance of Virginia Capital, we look forward to continuing our mission as South Carolina’s media engine for economic growth,” Johnson said.

Founded in 1996, Virginia Capital Partners is focused in the south Atlantic region. Virginia Capital also is an investor in Virginia Business, a statewide monthly business publication.

Ohio Community Media took ownership of these and other publishing assets through a court-ordered Section 363 bankruptcy sale of the Brown Publishing Company’s assets earlier this year. OCM has been divesting former Brown Publishing business publications since taking ownership. OCM continues to own and operate a large portfolio of daily and weekly newspapers in western Ohio.

Dirks, Van Essen & Murray, a newspaper merger and acquisition firm in Santa Fe, New Mexico, represented the seller, Ohio Community Media, LLC, in the transaction.

USA, Charleston, SC

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Travel Ad Network acquires TravelMuse

November 30, 2010 — Fusion DigiNet

Travel Ad Network (TAN) has purchased the assets of TravelMuse, a comprehensive travel planning website that reaches travelers early in the consumer travel lifecycle. This is a significant addition to Travel Ad Network’s owned and operated properties and continues the transformation of TAN from a vertical ad network into an integrated digital media company. Financial details of the acquisition will not be disclosed.

Following the October 19th close of a $15 million Series C round of financing, Brian Silver, CEO of Travel Ad Network, indicated that the proceeds of the round would go towards acquiring travel sites, content, and tools, as well as towards increasing TAN’s technology infrastructure.

“Travel Ad Network’s goal remains to build, organize and serve the largest online travel audience in the world,” says Mr. Silver. “We are excited to add TravelMuse to our portfolio. We will also leverage TravelMuse tools across our exclusive sites to enhance the user experience.”

“I am delighted that TravelMuse has become part of Travel Ad Network. It is exciting to contribute to TAN’s success in building the leading travel digital media company,” says TravelMuse CEO Russ Lemelin.

Founded by Kevin Fliess and launched in 2008, TravelMuse (www.travelmuse.com) is an online destination for finding inspiration and planning trips with friends and family. Visitors can save any page from the Web using the TravelMuse Bookmarker; easily create Trips; organize, schedule and share travel information with the TravelMuse Planner; get travel recommendations; and use the industry’s first Inspiration Finder to discover destinations. It attracts about 100,000 unique visitors each month. The company raised more than $6 million in funding primarily from Azure Capital Partners and California Technology Ventures.

USA, New York, NY & Palo Alto, CA

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Axel Springer’s public tender offer for all outstanding shares of SeLoger.com has been cleared

November 30, 2010 — Fusion DigiNet

The French Securities Regulator (Autorité des marchés financiers or AMF) has cleared the offer of Axel Springer for all outstanding shares of SeLoger.com, the leading French property classifieds portal. Axel Springer offers all shareholders of SeLoger.com EUR 34.00 per share in cash, valuing the company at a total of EUR 566 million.

The AMF will set the timetable for the public tender offer shortly. With the approval of the transaction by the French Competition Authority on November 3, 2010, the offer has become unconditional. 

Ralph BüchiRalph Büchi, President Axel Springer International at Axel Springer AG: “Now the decision is solely up to the shareholders of SeLoger.com. They have the opportunity to sell their shares at a price of EUR 34.00 per share and realize an attractive cash consideration.”

Büchi added: “We continue to believe that we can be a valuable shareholder for SeLoger.com. Axel Springer has considerable digital expertise, a reach throughout all major European markets and strong financial capabilities. We will therefore be able to support SeLoger.com in its further development both in France and abroad, in case the management team of the company should decide to pursue a strategy of internationalization.”

Axel Springer already holds a 12.4 percent stake in SeLoger.com acquired from a group of shareholders, including the founders Amal Amar and Denys Chalumeau as well as other members of the supervisory board and the management board.

Germany, Berlin and France, Paris

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Yandex considering a £1bn listing in London

November 30, 2010 — Fusion DigiNet

Quoting City sources, thisismoney.co.uk is reporting that Russia’s largest internet firm Yandex is considering a £1bn listing in London early next year. Yandex is likely to choose London for its flotation but is also considering Nasdaq.

Fusion DigiNet reported that Russia’s second largest internet firm Mail.ru Group raised £1bn through a London Stock exchange IPO one month ago.

Russia, Moscow

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Has Google bought Groupon?

November 30, 2010 — Fusion DigiNet

The Press, Bloggers and Tweeters are spreading rumours today that Google has just paid $2.5 billion for social-shopping site Groupon. As far as Fusion DigiNet can tell none of the rumours have been confirmed yet. TechCrunch is reporting that the price is likely to be between $5 and $6 billion.

Watch this space.

Click on a headline below to read just some of the speculation:

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Tony Elliott sells 50% of time Out to Oakley Capital

November 25, 2010 — Fusion DigiNet

Time Out has sold a 50 percent stake to Oakley Capital Investments, a Bermudan based company listed on AIM, for £10 million.

Time Out founder and chairman Tony Elliott said: “I have considered many potential investors over the last seven years to help the brand with the next phase of development and I believe that Oakley Capital, with its entrepreneurial operational focus, will help us with this. I genuinely believe that I have found a real partner for what I expect to be a hugely successful worldwide digital journey.”

Peter Dubens, director of Oakley Capital Investments, said: “It is very rare to be able to help with such a renowned, iconic brand as Time Out, which over the last 42 years has provided first class editorial on culture and entertainment to over 50 cities around the world.  We believe that we will help this brand both in its traditional media and the continued transition to digital over the coming years.”

Time out was launched by Tony Elliot 42 years ago. It now has 36 city magazines published independently in 24 countries, 22 travel magazines in 19 countries, guide books, events and an online presence. Time Out is to be the official book publisher of travel guides and photographic books for London 2012 Olympic and paralympic games. Online-only advertiser-funded magazines are to be launched around the world. Berlin, Barcelona and Paris are tipped to be the first cities to benefit from the development.

UK, London

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News Corp acquires Wireless Generation

November 23, 2010 — Fusion DigiNet

News Corp. has acquired 90% of Wireless Generation, a privately-held Brooklyn-based education technology company for about $360 million in cash. Upon completion of transaction, Wireless Generation will become a subsidiary of News Corp.

Wireless Generation will be managed by founder and CEO Larry Berger, President and COO Josh Reibel, and Executive Vice President and Chief Product Officer Laurence Holt, who will collectively retain a 10% interest.

USA, Brooklyn, NY

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