Monday, December 03, 2007

Russian Firm Buys LiveJournal - New York Times

Russian Firm Buys LiveJournal - New York Times: "The owner of LiveJournal, a blogging and social-networking site, agreed yesterday to sell the company to SUP, a Russian online media company, in the latest example of deal-making in the social-networking sector.

Helge: This hotel is located only a few miles away from the Russina border. It could be an exclusive place for future deal makers.

Financial terms of SUP’s deal with Six Apart, which owns LiveJournal, were not disclosed.

Helge: I use LiveJournal to write my Kymijoki blog. I guess Kauppalehti is also based on LiveJournal. No, Kauppalehti uses WordPress.

As part of the deal, SUP will create an American management company, LiveJournal Inc., to manage the social network’s operations.

Helge: Russia moving into Social Media.

SUP will also form an advisory board that includes Brad Fitzpatrick, LiveJournal’s founder who now works for Google.

Helge: Advisory board...

Though its biggest user base is the United States, LiveJournal has become exceedingly popular in Russia, finding about 28 percent of its audience there.

Helge: Russia, Russia, Russia...

Last year, SUP struck a licensing deal with Six Apart to manage, the site’s Russian component."

Helge: Good. Social Media is expanding. The global village is embracing the world.

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