Look.com Sold By Banks.com
Banks.com has just announced that they have sold the domain Look.com
The buyer appears to be Quidsi, Inc. of Jersey City New Jersey.
It was just earlier this month that we wrote about the domain name Look.com going up for sale.
The purchase price was not disclosed.
The domain was up in a Sedo.com auction earlier this year with a reserve range of $500K-$999K but did not sell.
Here is the press release:
“Banks.com, Inc. (NYSE Amex: BNX), operator of leading financial services focused online media properties, announced today that it has completed the sale of the domain name, Look.com. “As we previously announced was our intention, we are divesting those assets that are no longer core to the finance vertical. With the sale of Look.com, we’re able to convert what has been a non-productive asset since we exited the search business into cash that will help build our core business going forward,” said Dan O’Donnell, Chief Executive Officer of Banks.com. “We now have the necessary resources to focus on what is shaping up to be a very successful 2012 tax season, which is less than two short months away.”
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Rumored price is 400K.
Gary
Rumored where?
yahoo message board
Amazon bought quidsi for .5 bln usd so the ultimate buyer is actually amazon
yes?
It was in their SEC filing, see:
http://www.sec.gov/Archives/edgar/data/1341470/000119312511286511/d250674d8k.htm
so it’s a fact, not a rumour.
Yeah amazon is the buyer. They might launch another ecommerce site.
this Quidsi?
inc.com/inc5000/profile/quidsi
“Item 1.01. Entry into a Material Definitive Agreement.
On October 24, 2011, Banks.com, Inc. (“the Company”) completed the sale of the domain name, look.com, to Quidsi Inc. (the “Buyer”), pursuant to the terms of the agreement between the parties, (the “Domain Name Transfer Agreement”), dated October 18, 2011.The purchase price of $400,000 was payable to the Company upon successful completion of transfer of the domain name to the Buyer. An escrow fee of $3,560 was payable to the escrow agent by the Buyer.
Each of the parties to the Domain Name Transfer Agreement made customary representations, warranties and covenants in the Domain Name Transfer Agreement.”
- amazon got a steal on this one.
Seems low for an end user sale on this type of name. I feel like it might have gone for $650k to $800k through a broker. The Sedo auction format wasn’t the right way to try to sell it off in the first place. It might have created some leads for Banks.com though. Timing seems right.
Amazon needs to get out of e-commerce and stick to hardcover books.
that’s the future. if they don’t sell you can send them back to the publisher.
it’s pure profit.
Maybe amazon is getting into search – oops i mean “Look”.
Look out for the big cliff ahead