Stereogum Cashes In?
Idolator is reporting that Scott Lapatine’s Stereogum will be receiving investment dollars from the Pilot Group, the investment group headed by former AOL head Bob Pittman. The Pilot Group, you may remember, also purchased the daily newsletter network Daily Candy back in 2003 (for something in the neighborhood of $2-3 million).
No public confirmation of the report from anyone at Stereogum yet, or any insight into the exact dollar amounts involved. But based on Pittman and the Pilot Group’s track record, Idolator speculates that Pilot will look to build Stereogum’s revenue and audience before packaging the site for a sale to another media company, possibly Wenner Media (publishers of RollingStone).
UPDATE: Rafat Ali confirms it. Investment from Pilot Group and former MTVN digital head Jason Hirschorn.
Breaking: Has Stereogum Been Bought For A Song? [Idolator]
Pittman’s Pilot Group, Hirschhorn Invest In Music Blog Stereogum.com [paidContent]
This entry was posted by Kyle Bunch on Thursday, October 26th, 2006 at 11:07 am and is filed under Idolator, Media, Scott Lapatine. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
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