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News Corp. (NWS) received $12.5m in Flixster Stock For Rotten Tomatoes
By Amarendra Bhushan for CEOWORLD Magazine Updated:February 9, 2010
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Flixster, a community for movie fans, issued $12.5 million in a new round of equity and common stock, according to a filing with the SEC . Funding comes after the company agreed to acquire Rotten Tomatoes , a reviews, information, and news of films company from News Corp [[NWS]] for an undisclosed sum. Flixster previously raised $7 million over two rounds from Reid Hoffman (LinkedIn founder), Lightspeed Venture Partners (2007) and Pinnacle Ventures.
Erick Schonfeld update readers at Techcrunch, CEO Joe Greenstein got back to us. He says, “We actually have not raised any new money recently.” The SEC filing was in relation to the Rotten Tomatoes transaction and “was describing shares issued to News Corp” as part of that deal.
He cautions against concluding that the $12.5 million was the valuation of the deal, but it is hard to come to any other conclusion since it was an all-stock transaction. Of course, there are many different ways to come up with a valuation for an acquisition, and the numbers reported to the SEC might not be the same as the numbers the companies used to justify the deal to their boards. Greenstein won’t get into what that valuation was, but he does share that Flixster’s mobile applications on the iPhone, Android, and Blackberry recently crossed 11 million users.
Flixster
Web: http://www.flixster.com/
Twitter: @Flixster
Flixster provides audiences with access to local theaters and showtimes, trailers and quizzers, plus the ability to post reviews and exchange opinions with their friends – and the entire worldwide Flixster community. Flixster users have posted more than 2.3 billion reviews and have created literally hundreds of thousands of movie quizzes.
Flixster applications are also available for the Blackberry, Palm Pre and for Android-powered mobile devices. The privately held Flixster Inc. is based in San Francisco, with representatives in Los Angeles, New York and Seattle.
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