Glam Buys Ning For $150 Million, Andreessen Joins Board

After many twists and turns, DIY social network Ning has finally found a home. Glam Media is buying the network of social networks. A final price is not being disclosed. It is likely more than the $35 million News Corp fetched for MySpace from Specific Media and Justin Timberlake, but less than the $120M or so in capital that was poured into the company over the years. (Update: A source puts the deal price higher, at $150 million). Ning's co-founder, chairman, and original investor Marc Andreessen will be joining Glam's board as part of the deal. With Glam's strong IPO prospects, a large part of the acquisition was probably in stock. Other serious bidders included Google, Yahoo, and even Groupon.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/YNd1yJGglPA/

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