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January 24, 2013

Yahoo Buys Snip.it for $10M

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Yahoo is adding Snip.it to the fold.

The $10 million acquisition, announced earlier this week, is part of Chief Executive Marissa Mayer’s strategy to beef up Yahoo’s product line through the purchase of young, talented companies.

Snip.it, a social platform for collecting, organizing and sharing articles, videos and images on the Web, was founded in 2011 by Ramy Adeeb. Adeeb, originally from Cairo, Egypt, was previously an investor at Khosla Ventures.

“We are thrilled at the opportunity to bring Snip.it’s vision to a larger scale at Yahoo,” reads a Snip.it team blog post.

“While we can’t share the specifics of what we’ll be building, we are excited about the opportunity to take social news to exciting, new heights at Yahoo.  The Yahoo team is passionate about inspiring and entertaining the world’s daily habits, and certainly sharing news and information is something we all do every day.  The vision and energy at the company is contagious, and we’re so excited to be part of all that is to come.”

The blog also indicated Snip.it would shut down its current service but is enabling users to download and export all of their snips. The download link will be available until Feb. 21.

“We’ve also created a Snip.it Hall of Fame, where we’re honoring some of the top contributors to the Snip.it community,” the blog reads. “We’ve included their Twitter handles so you can continue to stay connected and follow their insights.”

Mayer has been busy since October of last year when she announced big changes were on the way for the floundering search engine company.

Mayer, of Google fame, is determined to work her magic on Yahoo by focusing on users’ “daily habits” such as e-mail, the home page and Internet search as well as mobile devices.

“While we have a lot to do, the future of Yahoo is incredibly bright,” Mayer said during her Oct. 22 conference call with analysts, adding Yahoo is “well-positioned in the era of tablets and Smartphones” because of its content leadership.

She said small acquisitions to acquire talented staff members will be part of Yahoo’s plan to bolster its mobile and social offerings.

Yahoo, in recent months, also acquired OnTheAir, a small startup specializing in broadcasting video chats or interviews to online audiences.

TV Guide.com, reportedly, is also on Mayer’s radar. Yahoo is rumored to be one of the companies in the running to purchase the company, owned by Lionsgate. Deadline Hollywood reported late last year that Lionsgate is in “advanced negotiations” to sell the online entertainment listings, video and news site and mobile app to one strategic bidder for $20 million to as high as $25 million.

Yahoo has also recently partnered with NBC Sports Group to form a content and promotional alliance that will offer an “all-star lineup of digital and on-air experiences.”

Yahoo Sports, will be incorporated into NBC Sports Group, growing the company’s digital assets. Yahoo’s sports reporting, fantasy sports pages and Rivals’ college content will be promoted on the NBC network. Yahoo Sports will be connected to live streams of the network’s sports broadcasts. The companies will not only work together to create web shows that will appear on both websites, but will partner on major sporting events for both television and the Internet, doubling promotion at a nominal cost.

Update: Snipt.it users should check out this site.

 

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