This was the acquisition which had been speculated for a while after FIM president rather carelessly tossed out the news at an event two weeks ago. TechCrunch says it is NewRoo, an as-yet-unlaunched news aggregator, something I heard from competitive sources as well. Yahoo considered putting in a counter-bid after they heard the news about FIM bid.
TechCrunch says the price was in single digit
al (Thanks Jeff) millions. A review of the service is here.
SiliconBeat: This company had no venture backing. However, the deal is still in the termsheet stage, and should take a couple of more weeks to close. After the deal closes, the team will be leaving Silicon Valley, and joining Fox’s headquarters.