Wed, 23 Nov 2011 | DIVISION SALE
The Guardian Media Group is planning to sell the parent company of its PaidContent website, three years after first taking on the business.
Guardian News and Media (GNM), the section of the eminent media company that owns the company, is reportedly in talks with a number of potential bidders for ContentNext Media, which it bought in 2008 for around £4 million (around $6.5 million) from developer Rafat Ali. ContentNext currently manages PaidContent and three other online properties and has dealt with much of the group's US operations.
"Following a strategic review Guardian News & Media has decided to seek a buyer for ContentNext Media," a spokesman for the group stated. "ContentNext is a high-quality asset, but our focus in the US is on building the Guardian. It's early days but we have received several expressions of interest and are talking to a select number of potential buyers."
The sale is being dealt with by corporate services firm, Coady Diemar Partners. The business is thought to be worth as much as £13 million ($20million), which would ensure that GNM would get the money back that they had originally invested in the acquisition. GNM said, however, that they "did not recognise this figure."
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