Tech-news venture parting ways with Dow Jones to be renamed 'Revere Digital,' according to Bloomberg report
Comcast’s NBCUniversal has reached an agreement to acquire a minority stake in tech-news website AllThingsD, which will be redubbed “Revere Digital” following its split this month from News Corp., Bloomberg reported.
NBCU declined to comment. In an email, AllThingsD co-editor Walt Mossberg also declined to comment on the report, adding, “We are still working hard for Dow Jones, and will be doing so through the end of the year.”
In September, ATD’s founders — former WSJ journalist Kara Swisher and Mossberg, the paper’s longtime personal-tech columnist — and News Corp.’s Dow Jones & Co. said they would part ways by the end of 2013.
AllThingsD’s principals are in talks with a second, unidentified partner about taking a stake in the digital publishing and events venture, whose stake together with that of NBCU would amount to one-third ownership, according to Bloomberg. The venture tentatively expects to announce its new investors on Jan. 2.
ATD valued itself at between $25 million and $35 million when it approached investors in September, Bloomberg reported. A source familiar with the venture said that reported valuation range was high, based on what NBCU is investing in the startup.
Talks between NBCU and ATD had previously been reported by Fortune.
Swisher and Mossberg founded AllThingsD in 2007 as an offshoot of the WSJ’s “D: All Things Digital” conference. Following the split, Dow Jones will retain the rights to the AllThingsD brand. The new Revere Digital name is a reference to American Revolutionary War hero Paul Revere — breaking tech news, one presumes, represents the British — with the double meaning of “to honor.” It isn’t known what the new name of web publication or conferences will be.
Under Dow Jones, AllThingsD has been profitable. The website and conferences generate about $14 million in annual revenue and about $5.5 million in profit, Bloomberg reported, citing anonymous sources.