Online business and technology media company GigaOM has acquired paidContent.org, an online news property, along with its parent company ContentNext Media, from the Guardian group. Guardian News & Media will take a minority share in GigaOM, joining existing investors such as Reed Elsevier Ventures, Alloy Ventures and True Ventures. Other terms of the acquisition have not been disclosed. A representative of Guardian News & Media will be joining the GigaOM board of directors as an observer, as part of the deal.
“We are indeed buying the assets of ContentNext Media from Guardian News & Media Limited. And no, we are not disclosing the terms of the deal, except that we are buying the entire group of properties — paidContent.org, mocoNews.net, contentSutra and paidContent:UK,” confirms Om Malik, founder of GigaOM, in a blog post. The post also looks into the rationale behind the acquisition.
A statement from paidContent called the transaction an ‘exciting development’ and added that the two media properties had a lot of cultural similarities, besides the respective founders Om Malik and Rafat Ali being friends.