NEW YORK/SAN FRANCISCO, Oct 6 (Reuters) – America Online on Thursday said it will buy Weblogs Inc., a network of Web sites focused on topics ranging from scuba diving to gadgets, marking the biggest bet on unfiltered online commentary.
The deal, which is expected to close next week, is worth about $25 million, one source said on Wednesday. Financial terms were not disclosed.
AOL’s agreement is the biggest price paid for a network of blogs, or Web journals, analysts said, although it is a smaller price compared with recent Internet acquisitions by media companies such as News Corp.’s (NWSa.N: Quote, Profile, Research) $580 million deal to buy Intermix Media Inc. (MIX.A: Quote, Profile, Research)
Weblogs is one of the more successful attempts at weaving together a network of individual blogs to attract a stable of advertisers and cash in on the blogging phenomenon … full article