Stereogum founder Scott Lapatine and investors Bob Pittman, of the Pilot Group, Sling Media’s Jason Hirschhorn, have traded their equity stakes in the indie music blog for an ownership percentage of pop culture community site BuzzNet, NY Post reports. Citing an unidentified source, the deal estimated Stereogum’s value at $5 million. However, the report pointed out that Stereogum isn’t being sold, nor were Pittman, Hirschhorn and Lapatine, who own 100 percent of Steregum, cashing out of the site.
Lapatine founded the site in 2003 when he was a web producer at VH1, working under Hirschhorn, who was then the digital head at MTV Networks. As we reported, Pittman and Hirschhorn invested in Stereogum in October 2006.