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In the Media

article imageReport: Citizen news site NowPublic acquired for $25 million

article:278612:20::0
By Bob Ewing
Sep 1, 2009 in Business
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Examiner.com has announced it has acquired citizen journalism news site NowPublic. The value of the deal is reported to be $25 million.
Both NowPublic and Examiner.com publish what is called "hyperlocal news" by citizen journalists.
According to PaidContent.org, NowPublic operates in 140 countries around the world.
The CBC reports the Anschutz Company, a Denver investment business with holdings in print media, sports teams and energy companies is the backer behind Examiner.com.
Neither company gave out the deal's financial terms. However, Paidcontent.org, citing unnamed sources, put the cost at $25 million US.
NowPublic's senior executives will be retained by Examiner.com.
Rick Blair, chief executive officer of Examiner.com, told the CBC: "Folks have been chasing this market for years. If you can see the combination of NowPublic's ability to scan real-time information with the need for real-time local advertising, you can easily put together where we're heading in this space."
NowPublic co-founder and chief executive officer Leonard Brody told the CBC, "We see it as the absolute holy grail for growth on the Web, particularly in revenue over the next two years."
So far, contributors to both sites are typically untrained citizen reporters who are paid little or nothing for their work.
"One of the key motivations is to have a public voice," Megan Boler, a professor of media studies at the University of Toronto, told the CBC. "It's not a financial motive. It's a desire that we're seeing across the digital media space to be seen and heard."
The change may see contributors' pay rise through revenue sharing, for example. Revenue sharing would be based upon the amount of traffic the writer's articles attract.
Blair said "As we grow the Examiner's ability to make money will grow. It's mutually beneficial."
NowPublic has 18 employees, while Examiner.com has 100, most of whom look for other contributors.
article:278612:20::0
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