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Monday, October 08, 2007

Msnbc.com buys social news site Newsvine

Msnbc.com is diving into citizen journalism and social media by acquiring Newsvine.com, a small but innovative player in what is known as “participatory journalism.”

It is msnbc.com’s first acquisition in its 11-year history.

Neither of the companies would disclose terms of the all-cash transaction, which was announced Sunday, but deals for other social media sites have ranged as high as the $75 million that eBay was reported to have spent for StumbleUpon.com, which claims about 3½ times the number of users as Newsvine.

Newsvine CEO Mike Davidson will report to Charlie Tillinghast, president of MSNBC Interactive News and publisher of msnbc.com, but otherwise, Newsvine will continue to operate independently, Tillinghast said.

With just more than a million monthly users, Newsvine not only is dwarfed by its new parent, which attracts more than 29 million users a month, but it also widely trails such competitors in the news-social media field as Digg.com, Reddit.com and the latest incarnation of Netscape.com as a social news site.

More details about this acquisition...

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