GigaOM Acquires PaidContent, Other Assets From Guardian News & Media
US-based business and technology media firm GigaOM has acquired paidContent, the flagship brand of ContentNext Media, as well as its other assets, from Guardian News & Media Ltd (GNM), for an undisclosed amount.
GigaOM has also acquired rights for ContentNext Media's other assets including mocoNews, contentSutra and paidContent:UK. While paidContent is the flagship brand of ContentNext Media and covers the economics of digital content, contentSutra is positioned as an online media news monitor for India.
Although the terms of the deal are not announced, it certainly involves a stock portion and GNM will have a minority stake in GigaOM. It will join the existing investors of GigaOM, such as Reed Elsevier Ventures, Alloy Ventures and True Ventures.
Andrew Miller, chief executive officer of the Guardian Media Group, was quoted as saying in guardian.co.uk, "paidContent has a fantastic presence in the tech/media space and the match with GigaOM, itself a really smart and pioneering company, is a good one.
The Guardian's focus in the USA is on building guardiannews.com, but we look forward to seeing paidContent thrive and grow in its new home and wish its staff all the very best for the future," he added.