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Turns Out Liberty Media Bought Bulk Of PicksPal For $9.5 Million

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

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