Italian Blog Net Blogo.it Sells Majority To Community Operator Dada
This story was written by Robert Andrews.
Italian online entertainment publisher Dada has bought another 40 percent of blog network Blogo.it's owner E-box for 1.6 million ($2.5 million), taking its stake up to 70 percent. Blogo.it is Italy's most popular blog net and the fourth biggest news site, with 5.4 million monthly uniques last month (Nielsen).
Like an Italian WeblogsInc, Blogo.it publishers in several verticals, from motoring and finance to arts and gadgets. E-box notched up 870,000 ($1.36 million) revenue last year, up 107 percent, and expects 1.2 million ($1.88 million) in 2008. This acquisition also saw Dada pay a premium for becoming the majority holder and will all be paid in two equal tranches to the four founders, who are investing 516,000 ($809,000) of the price back in to Dada stock. Dada's existing businesses include Dada.net, a social media communication portal that also operates in the UK, and DadaPro, a branding agency for companies.
By Robert Andrews