Comcast pays reported $125 mil for DailyCandy
Viacom interested in property, but did not bidComcast has paid a reported $125 million to acquire DailyCandy from Bob Pittman's Pilot Group Ventures.
Viacom was also interested in the property, but did not bid, a spokesman said.
DailyCandy, founded by Dany Levy eight years ago, 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 just $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.
Cable TV company 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 the privately held online movie ticketing service Fandango.