March 17, 2009 12:02 AM
- Text
Turns Out Liberty Media Bought Bulk Of PicksPal For $9.5 Million
(PaidContent.org)
This story was written by Staci D. Kramer.
No excuses. We should have picked up on this earlier. A sharp-eyed reader sent along today's PicksPal blast promoting the "new PicksPal" and PicksPal Bracket Mania 2009 with a note asking about the ownership of the site where users compete at picking sports outcomes. Turns out Liberty Media (NSDQ: LINTA) Entertainment bought up 73 percent of the site for roughly $9.5 million, according to a Jan. 22 SEC filingacquiring 18 percent for $3 million in September 2007 and another 55 percent in September 2008 for net cash of $6,587,000. It's now part of Liberty Sports Holdings. PicksPal, founded by *CBS* Sportsline vet Tom Jessiman, raised $9 million in three rounds of funding starting in 2005 from Bay Partners and Canaan Partners. (PEHub reported at the time that the $3 million third round came from Bay and Canaan but it also coincides with the Liberty investment.) Canaan lists the company as acquired by Liberty.
By Staci D. Kramer
No excuses. We should have picked up on this earlier. A sharp-eyed reader sent along today's PicksPal blast promoting the "new PicksPal" and PicksPal Bracket Mania 2009 with a note asking about the ownership of the site where users compete at picking sports outcomes. Turns out Liberty Media (NSDQ: LINTA) Entertainment bought up 73 percent of the site for roughly $9.5 million, according to a Jan. 22 SEC filingacquiring 18 percent for $3 million in September 2007 and another 55 percent in September 2008 for net cash of $6,587,000. It's now part of Liberty Sports Holdings. PicksPal, founded by *CBS* Sportsline vet Tom Jessiman, raised $9 million in three rounds of funding starting in 2005 from Bay Partners and Canaan Partners. (PEHub reported at the time that the $3 million third round came from Bay and Canaan but it also coincides with the Liberty investment.) Canaan lists the company as acquired by Liberty.
By Staci D. Kramer
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