CBS announced this week that it has acquired Wallstrip, a trendy video blog that profiles stocks hitting all time highs. The purchase price was not disclosed but the deal further illustrates old media’s desire to build a internet presence.
Wallstrip made its debut in October of 2006 and quickly gained popularity with profiles in BusinessWeek and The New York Times. The business was put together with a startup budget of $600,000 according to founder Howard Lindzon, and less than a year later it was flipped for what I imagine turned out to be a nice ROI.
Of note is that the site doesn’t generate any revenue currently. However, the potential is also there to sell ads before or after each clip which a company like CBS could sell out fairly quickly. Also, CBS doesn’t really have to worry about revenues on a site like Wallstrip because its main focus is about attracting viewers and widening their reach on the internet.
Congrats to Howard and the rest of the Wallstrip gang on a job well done.
Read More...
[Source: Stock Market Blog.com]
No comments:
Post a Comment