Is CNN Mashing with Mashable?
CNN (NYSE:TWX) is rumored to be in advanced talks to acquire social news website Mashable. A single source report speculated that an announcement would be made on the $200 million purchase this Tuesday. However, early Monday morning, CNN officials denied that any announcements would be made this Tuesday affirming the acquisition. Both CNN and Mashable have declined to comment on the speculations.
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Mashable, the seven-year-old, privately-held company, covers social media and technology news, and has recently expanded to include business and entertainment coverage. It has partnered with a number of news sites, including ABC News (NYSE:DIS) and CNN, which already syndicates some of its stories. An acquisition of Mashable would bolster CNN.com and would make a statement about the news channel’s interest in startups and social media.
Last fall, CNN.com acquired Zite, a company that made an iPad app that determines what its users want to read and view, for approximately $20 to $25 million. Mashable is expected to cost CNN far more to acquire.
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