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Google to buy Digg.com for 550 million!!!!
(Unnamed Blog, Techcrunch,
An employee of an S+P 500 tech company has posted a rumor on his blog, that a 550 million dollar sale minus digg.com`s initial investment from a private firm of 2 million, will be up for sale and waiting for the go ahead by February, 2008
There have been several rumors actually in the last three months about Digg either being acquired or being shopped come up . One thing is for sure, that the venture capital firm that invested 2million dollars at the very beginning for marketing and an unknown stake in Digg, whats to get bback its money sometimes sooner. VentureBeat, has word that Digg is getting serious about a sale and has hired Allen & Company to shop the site for $500 million +. Allen & Company which is partly indirectly owned by Bill Gates through funds and donations and a major shareholder in Google who does not want to be named .Both parties are trying to find a buyer, but it seems Google is more keen on snatching up the site.
Investment bank Allen & Company has been involved in a number of high profile acquisitions and mergers previously, including Seagram and Universal Studios, Hasbro and Galoob Toys, and Disney and Capital Cities/ABC. An interesting tidbit on the company: it apparently doesn’t like publicity to the point that it doesn’t even maintain a website.
The obvious question is will Digg sell with a $500 million valuation given that it has been on the market (quietly) for months with no interest to date? But it is no secret that digg could sell for less. who knows ?
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