Guardian News & Media (GNM), the new media division of UK-headquartered Guardian Media Group (GMG), has acquired US-based ContentNext Media, which owns sites like Paidcontent.org (US), PaidContent.co.uk (the UK and Europe), MocoNews.net (mobile content news blog)) and ContentSutra.com (India). These sites carry digital media content news and blogs in several countries. The deal is believed to have taken place for $30 million.
Commenting on the acquisition, Rafat Ali, Founder and Editor, ContentNext Media, said, “This starts the 2.0 phase of our company ContentNext Media. Guardian Media approached us at a time when we were not talking to any company about selling ContentNext Media. Instead, we were looking for a second round of venture funding. This is a perfect deal as we will remain a stand-alone business under GNM. This also marks a major expansion of Guardian’s US presence.”
ContentNext had received an undisclosed amount of venture funding from Greycroft Partners, the digital media focused venture fund of Alan Patricoff, the founder of private equity fund Apax Partners in 2006. Long-time digital media executive Larry Kramer is on its board, and ContentNext recently hired media executive Nathan Richardson as its CEO.
Tim Brooks, Managing Director of Guardian News and Media, said, “We are genuinely excited at the prospect of being able to help Rafat, Nathan and the team take ContentNext to the next level.”
Carolyn McCall, CEO, Guardian Media Group, said, “I have admired PaidContent for years. I’m very happy to welcome the company into the expanding Guardian Media Group.”
ContentNext, based in Santa Monica, California and New York City, is an online media hub delivering professional news, information and analysis to executives in the media, entertainment and technology sectors. The company also runs a complementary events business as well as publishes reports.