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Summary:

TrueSlant, the journalism site founded by Lewis Dvorkin, has been acquired by Forbes. We first reported on the sale talks last week. The com…

Lewis Dvorkin, True/Slant, Forbes

TrueSlant, the journalism site founded by Lewis Dvorkin, has been acquired by Forbes. We first reported on the sale talks last week. The company raised $3 million in August 2008 from Forbes and Fuse Capital; Dvorkin has also been consulting with Forbes for since April, so likely this is a very family-friendly acquisition, meaning low single digit millions at best, if that. Lot more details on the background of the site in our previous sale talks post. Updated: DVorkin writes in detail about the decision to sell. In short, VC money in this environment, for this kind of venture is tough, hence the sale.

With this sale, DVorkin will now lead all editorial areas at Forbes as Chief Product Officer effective June 1. He was, in a previous life, exec editor of the Forbes magazine from Dec 1996 to Apr 2000. In his new capacity DVorkin will be “creating and implementing many new initiatives in the editorial product and the engagement of Forbes

  1. malcolmbird Tuesday, May 25, 2010

    Lewis is an excellent guy and deserves this! Congrats matey.

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  2. I don’t quite understand the math here: Investors put in more than $3 million, yet you believe it’s being sold in the low single millions, and perhaps even less than that. Is the Forbes acquisition a profitable exit for them?

    And how will Forbes get value from this purchase? According to the May 16 NYT Magazine feature that discussed T/S’s operating model, “the start-up isn’t yet turning a profit.”

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  3. hey ian, it isn’t profitable exit for forbes, i think. they probably just absorbed the money they invested in it. forbes essentially bought talent.

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