Hollywood reporter Nikki Finke said Tuesday that she has sold her news Web site, Deadline Hollywood Daily, to Mail.com Media Corp., highlighting the growing value of small, online media outlets at the same time traditional players like trade publications are struggling.
Neither Finke nor MMC Chief Executive Jay Penske, son of auto-racing magnate Roger Penske, would disclose the amount of the sale. But industry insiders estimate that the deal, which includes equity participation in MMC, is worth around $10 million, including an upfront payment of around $1 million.
The acquisition adds another entertainment-oriented site to Los Angeles-based MMC, which also owns Movieline.com and Hollywoodlife.com.
The rise of Deadline Hollywood Daily, which features breaking reports about the media world as well as Hollywood, illustrates the growing influence of entertainment-business bloggers,particularly Ms. Finke,as the clout of traditional trade publications like Variety and the Hollywood Reporter has waned. Both trade publications slimmed their ranks recently, laying off top reporters.
- Read the full Wall Street Journal story (subscription required).
- Read the full New York Times story.
- Read the Nikki's message at Deadline Hollywood Daily .
For reprint and licensing requests for this article, CLICK HERE.