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October 24, 2016 10:00 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/fYNyb_Ok0SY/new-york-times-buys-the-wirecutter-for-30-million
New York Times Buys The Wirecutter For $30 Million
An anonymous reader quotes a report from Recode: The New York Times is buying The Wirecutter, a five-year-old online consumer guide. The Times will pay more than $30 million, including retention bonuses and other payouts, for the startup, according to people familiar with the transaction. Brian Lam, a former editor at Gawker Media's Gizmodo, founded The Wirecutter in 2011, and has self-funded the company's growth. The Wirecutter provides recommendations for electronics and other gadgets that are both obsessively researched and simply presented. The Wirecutter also owns The Sweethome, which takes the same approach for home appliances and other gear. "We're very excited about this acquisition on two fronts," said Mark Thompson, CEO of The New York Times Company, in the acquisition release. "It's an impressively run business with a very attractive revenue model and its success is built on the foundation of great, rigorously reported service journalism." The Wirecutter tweeted earlier today: "Hey, we're still us. But we're a part of The New York Times now."Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/fYNyb_Ok0SY/new-york-times-buys-the-wirecutter-for-30-million
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