Old media co-opts new media, much to the delight of the new-media maven.
Howard Lindzon, founder of Wallstrip, yesterday announced that CBS has purchased the venture, a mash-up of financial news and pop culture. Under the headline You Can Make Money From Blogging!!!, Lindzon posts a history of the start-up:
I first pitched the idea to Fred Wilson at The Mercer Hotel last summer and he told the Gotham Gal that we were going to do a web/stock market show. He was true to his word when I asked if he wanted to get involved. We had no host yet.
I put together a loose two pager and sent to Adam Elend . I met him through the blogosphere. Adam and his partner Jeff Marks had style and we hit it off. They believed, at least in my ability to raise some capital . They get to really shine at CBS as they work on more verticals. Congrats.
Click through to read his entire breathless and ecstatic summary.
The, apparently first broken by Manhattan gossip site Jossip, story has already flashed around the tech/geek blogsphere.
TechCrunch, which reports a confirmeded price of $5 million on an unconfirmed investment of $600,000 and remains dubious of the dealâ€™s fundamentals from the viewpoint of CBS.