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Summary:

Financial info site BankRate is expanding its financial product listings, as it’s acquiring Bankaholic, which provides info on deposits, sav…

Financial info site BankRate is expanding its financial product listings, as it’s acquiring Bankaholic, which provides info on deposits, savings accounts, and money market accounts. The company will pay $12.4 million up front, with another $2.5 million possible earnout over the next 12 months. Bankaholic’s sole employee John Wu will assist in the transition and remain for an unspecified period of time. BankRate, of course, is exposed to some of the nastier aspects of the economy, though it’s held up fairly well and continued to grow. It’s also made acquisitions in order to diversify its range of financial products — last December it acquired Savingforcollege.com and Nationwide Card Services for at least $29 million. The company has also seen competition from TheStreet (NSDQ: TSCM), which acquired BankingMyWay, a much smaller site with a similar service. A conference call will be held at 4:30 PM ET (details in the Release).

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By Joseph Weisenthal

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  1. Luiz Carlos Moraes Thursday, October 2, 2008

    eu quero divulgar mas quero em portugues brazileiro

  2. Sounds a little bit crazy. Although the economy is in recession, the blog world is just bubbling up.

  3. Scott @ The Passive Dad Thursday, October 2, 2008

    Unbelievable! He must have had a ton of sign-ups for credit card and bank account offers. $15 million? Wow! What's to stop him from opening up another website and doing the same thing?

  4. Dividend Growth Investor Friday, October 3, 2008

    Scott,

    He will be paid $2.5 million when he works for his blog for some time. This goes to show you that the american dream could be achieved on the internet.

    I wonder how long has this guy been blogging for..

  5. $15 million for a blog – thats crazy. Seems he made most of its money from google adsense?

  6. 22 years old…how many intelligent people would believe someone of his age has any idea of how to create and protect wealth or consumer safety? Does he have degree in finance? Is he licensed by any regulatory body ? Who provides his articles and stats? Are his stats verifiable?

    In order to be considered an authority, one must rely on experience. How much money has the author earned or lost in his financial lifetime?

  7. Cape Town's Favourite Son Wednesday, October 8, 2008

    Christ, if that's worth $15 million, I would be interested to see how much I could flog my blog for.

    I would even be willing to sell it for $10 million. Any takers? No?

  8. Where's Johns Wu?
    His financial blog just sold for $15 Million!
    Story:
    http://bankaholic.blogspot.com/

    Actually, this is all about viral marketing, gang.
    Think about it.
    Everybody is talking about it, raking in money for BankRate.

  9. Color Me Unimpressed Wednesday, October 8, 2008

    Does anyone really believe anyone's going to be buying blogs for $15 million this time next year? Seriously?

    Paying $15 million for a banking blog… I'd laugh if it weren't so sad. Enjoy it while you can, it will not last too much longer.

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