Comcast sweet on DailyCandy e-newsletter
After a supposed bidding war with Viacom, Comcast has paid a reported $125 million to acquire DailyCandy from Bob Pittman's Pilot Group Ventures.
DailyCandy, founded eight yeras ago by Dany Levy, is an online newsletter that targets women by way of e-mailed news articles on fashion, fitness, culture and lifestyle.
Pittman, an MTV co-founder and former COO of what was once known as AOL Time Warner, reportedly paid $3 million for DailyCandy five years ago.
In a letter to DailyCandy's 55 staffers, Pittman wrote that "since we made our investment in 2003, subscriptions have grown from just over 200,000 to over 2.5 million." He also said he expects the company to rack up $25 million in revenue this year on its way to $10 million in earnings before interest, taxes, depreciation and amortization.
Comcast made the purchase through its Comcast Interactive Media, which has made several acquisitions of late, including buying Movies.com from Disney and snapping up online movie ticketing service Fandango. (partialdiff)
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