Note from me: this is our official press release today. Timed at 10am EDT US Time 23 May 2011 under embargo.
As follows:
Nichnet Pty Ltd is proud to today officially announce the sale, and final transfer of The Inquisitr (inquisitr.com) to new owners.
As per disclosure by Flippa.com, the final sale price was USD$330,000.
Nichenet Pty Ltd CEO Duncan Riley had this to say on the sale:
“I had to sell for private reasons in the end, which weren’t related to the running of the site (indeed it ran itself) but you get to a point where you need a proper break (one I haven’t had for seven years,) and the site has gone into good hands at a good price.”
“I do believe The Inquistr was worth far more, but the quality of the buyer and the fact that they kept on the writers, who are the real assets of the company (which they have proved time and again) was an important consideration.”
“It was a clear cash sale (without conditions and with no clauses for me to stay on) which was the deciding factor in me accepting the offer.”
“The Inquisitr has been my heart and soul for three years, and as much as it hurts me to be forced to sell it, I know it goes into good hands.”
The identify of the buyer has been withheld at their request.
Riley went on to say
“Although it was a quick sale and I believe it was less than it was worth, the sale once again proves the viability of new media. The sale worked out at roughly 30x net monthly after writers, which is a good figure in the after market, and compares well to old media sales.”
Riley said that he intended to take 2-3 months off before launching a new site that would not compete with The Inquisitr in any way, but would tackle a new targeted niche that he believes is not currently being met.
ENDS.
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Hey, that’s great….I think. Congratulations, Duncan. Sorry you had to sell it. I’m sure you probably would have like to keep it going a while longer, but everyone needs a little break now and then. I often feel that way myself. Congrats!
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