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Comcast Buys DailyCandy For $125 Million

What You Should Have Read, August 6, 2008

Published on .

Comcast Buys DailyCandy For $125 Million

AlleyInsider.com has a post noting that Comcast, as reported earlier, was indeed interested in buying DailyCandy. But it ended up paying much more than $75 million -- the cable company is paying Bob Pittman's Pilot Group Ventures $125 million for newsletter business, one close to the sale told AlleyInsider. Viacom was also interested in the property, which has been off and on the blocks for the last few years, and had considering paying $120 million, but dropped out of bidding in June. In a congratulatory letter to the DailyCandy staff, Pittman said that the company is on track to hit $25 million in revenue this year and EBITDA of "well over" $10 million and subscriptions are over 2.5 million. This continues a string of purchases for Comcast's digital group, which has now spent more than $600 million on M&A in the last two years.
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