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article imageFor Sale: Digg.com, Asking Price $300 Million

By Chris V. Thangham     Dec 18, 2007 in Internet
VentureBeat.com reports that Digg.com is planning to sell its site for $300 million and has hired a private investment banking firm to negotiate on its behalf with any potential buyers.
There have been some rumors lately about Digg.com trying to sell to potential buyers, but now more details are cropping up and indicating that these rumors are real.
According to a reliable source of VentureBeat, they have confirmed Digg’s plans to sell for $300 million via Allen & Company, an influential private investment firm. The investment company will negotiate this sale on behalf of Digg.
Allen & Company negotiates for a number of big firms' acquisitions and mergers such as Seagram and Universal Studios, Hasbro and Galoob Toys, and Disney and Capital Cities/ABC. So, naturally Digg.com’s founder Kevin Rose and Jay Adelson are using this company to negotiate with a big buyer. No buyer names have been revealed yet.
Valleywag.com reported the $300 million sale offer was rumor last month, but only now the rumor seems to be confirmed. It also reported Digg Chief Executive Adelson attended a get together last month arranged by Allen & Company, where big company officials met and discussed various business offers.
According to VentureBeat, Allen & Company traditionally uses the event to do what it terms “direct research” on potential buyers and sellers, then inserts itself as banker.
VentureBeat.com asked Kevin Rose directly about the sale, to which Rose did not want to comment. Rose said, “we never comment on things related to acquisitions.”
If this is true, who will be the likely buyer for Digg.com? I hope it is not Rupert Murdoch, otherwise it will be end of Digg.com.
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