Just two years after it went public at $10 a share, FriendFinder Networks, publisher of Penthouse, and a ton of websites including AdultFriendFinder.com filed for Chapter 11 bankruptcy yesterday. The bankruptcy petition cites up to $1 billion in debt and less than $10 million in assets. 39 other related companies filed for bankruptcy along with FFN. The company and its affiliates … [Read more...]
Google Buys Bump: Bu.mp
Google (GOOG) just bought Bump, a developer of Android/iOS apps that allow users to share contact info, photos, and other files by bumping their phones together. MarketWatch.com is saying the acquisition was between $30 Millon and $60 Million and the company reportedly took in some $20 Million in investment David Lieb CEO and cofounder of Bump announced the acquisition the company's … [Read more...]
Pew Research: In US 70% Have A BroadBand Connection At Home; 20% Don’t Have Broadband Nor Smartphone
Pew Research Center’s Internet &American Life Project released its report entitled "Home Broadband 2013" and found that in the United States 20% of U.S. adults are still without broadband or smartphones for internet access. And 3% of people in the country still using dial-up connections. According to the report 70% of American's have Broadband access at home up from 66% in 2012. Almost … [Read more...]
comScore: Yahoo Beats Google For 1st Time In Years Becoming Most Visited Websites
According to comScore, for the first time in several years, Yahoo (YHOO), web properties were the most visited in the country in July. With 196.6 million visitors who Yahoo properties compared to 192.3 million who visited Google for the first time since May 2011. Yahoo's unique visitors were up by roughly 20% compared to July of last year, when it came in third behind Google and Microsoft … [Read more...]
Rocket Internet Incubator & Accelerator Company Raised $500 Million Since 2012
In a press release just out today Rocket Internet announced "that it has raised a total of USD $500 million from partners Investment AB Kinnevik and Access Industries since May 2012, representing the largest investment ever made in an internet incubator and accelerator company. " "The funds will be used to further expand Rocket Internet´s world-wide network of successful internet … [Read more...]
BeNaughty.com, Flirt.com and WildBuddies.com Sites Sell For £45.1 Million
According to Growthcompany.co.uk, publicly traded Cupid (AIM: CUP) sold "off its range of 'casual dating' sites including Benaughty.com, Flirt.com and WildBuddies.com to a company set up for the purpose of the transaction called Grendall Investment, which is managed by Cupid's co-founder and major shareholder. Max Polyakov." "The total value of the sites is set at £45.1 million". In US … [Read more...]
IAB: Internet Ad Revenue Hits All Time High Of $9.6 Billion In 1st Q
According to the Interactive Advertising Bureau (IAB) 1st quarter 2013 Internet Ad revenue hit an all time record with $9.6 billion in sales representing a 15.6% increase over the $8.3 billion figure reported in the first quarter 2012. “Internet advertising revenue continues to exhibit double-digit growth, even as the business matures,” said Sherrill Mane, Senior Vice President, Research, … [Read more...]