Betaworks acquires Digg for $500,000
New York technology development company Betaworks acquired social news website, Digg, for USD 500,000 (£324,000) in cash plus equity on Thursday.
New Delhi: New York technology development company Betaworks acquired social news website, Digg, for USD 500,000 (£324,000) in cash plus equity on Thursday.
Launched in 2004 by Kevin Rose, Digg lets users submit news stories that climbed up (Digg) or down (Bury) in rankings based on votes.
"Over the last few months, we`ve considered many options of where Digg could go, and frankly many of them could not live up to the reason Digg was invented in the first place -- to discover the best stuff on the web," Digg Chief Executive Matt Williams said in a blog post. "We wanted to find a way to take Digg back to its startup roots."
Digg`s website will continue to exist, and Betaworks will soon launch a new "cloud-based version of Digg" to complement its current offerings, Williams wrote.
The sale came after the majority of Digg`s engineering staff left in May for Social Code, a subsidiary of The Washington Post Co.