MSNBC Buys Newsvine

October 8th, 2007 at 12:00 am

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Newsvine is a citizen journalism site that derives its content from users, a social news site. They have raised $5Million funding since their inception.

MSNBC, an 11-year-old joint venture of Microsoft and GE made their acquisition of the social news site last October 5 after nearly 5 months of negotiation. NewsVine announced in their blog, "We officially became part of the family on Friday, October 5th but we’ve been talking since May."

Despite the takeover, like most companies that are being bought, Newsvine will be run as a separate company. Mike Davison, on eof the co-founders of Newsvine decided that selling the compnay to MSNBC was better than raising new funding.

MSNBC’s intentions have not been disclosed aside from the usual words of promise and well wishes. However there have been statements that MSNBC will be integrating their technologies into Newsvine in the coming months. Of course as with every acquisition, the buying company gets equity.

[via Techcrunch, Webware, GigaOm, Mashable]