Comcast Buys Social-Networking Site Plaxo
Comcast (CMCSA) will acquire social networking site Plaxo in a move aimed at unifying social media across the Internet and television.
According to a blog post on the company's Web site, Plaxo CEO Ben Golub said the nation's largest cable operator will pay an unspecified amount for the social networking company, although Reuters reported the price tag will fall between $145 million and $175 million.
"Comcast has an exciting vision to bring the social media experience to mainstream consumers," Golub wrote. "Together, we will be able to help users connect with all the people they care about, across all of the devices they use, with all the media they love to consume, create, and share. This is also great news for the Internet industry at large, where Plaxo has been -- and will continue to be -- a strong advocate for opening up the social Web."
Golub went on to say that the acquisition is subject to the satisfaction of customary closing conditions and regulatory approvals, and is expected to close in the near future.Comcast's stock was losing 10 cents, or 0.5%, to $22.27. Among other pay-television providers, DirecTV (DTV), Cablevision (CVC), Dish Network (DISH) and Time Warner Cable (TWC) were also slightly lower.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV