After years of decline_ the popular website Digg for sale by obengmin


									After years of decline, the popular website Digg for sale

New York tech incubator Betaworks acquired the website Digg on Thursday in a deal that
included the remaining brand assets, a humble close to what was once a celebrated online
property that heralded the social media era.

Launched in 2004 by then 27-year old Kevin Rose, Digg rose to prominence as an aggregator of online
content, becoming at one point one of the more highly-trafficked stops on the Internet. The site let users
vote up - or "Digg" - links, an early precursor to how Facebook and Twitter help spread "viral" content

The deal was worth just $500,000, the Wall Street Journal reported.

The sale came after the majority of Digg's engineering staff left in May for Social Code, a subsidiary of
The Washington Post Co.

"Over the last few months, we've considered many options of where Digg could go, and frankly many of
them could not live up to the reason Digg was invented in the first place -- to discover the best stuff on
the web," Digg Chief Executive Matt Williams said in a blog post. "We wanted to find a way to take Digg
back to its startup roots."

Digg's website will continue to exist, and Betaworks will soon launch a new "cloud-based version of
Digg" to complement its current offerings, Williams wrote.

Still, Thursday's acquisition drew the curtains on a start-up once feted in Silicon Valley.

The company raised a total of $45 million in funding from established venture capital firms like Greylock
Partners. In 2006, Rose starred on a well-known BusinessWeek magazine cover, flashing his thumbs
next to the headline: "How This Kid Made $60 Million In 18 Months."

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