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Cheezburger Network Buys Know Your Meme In ‘Seven Figure’ Deal

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Cheezburger Network, known for sites like I Can Has Cheezburger?, FAIL blog, and The Daily What, is making its first acquisition since raising $30 million in its first round of funding earlier this year. The company is buying Know Your Meme in what is being described as a “seven figure deal.”

Know Your Meme features posts about “internet phenomena,” like viral videos, catchphrases, and web celebrities. It attracts 1.3 million unique visitors a month, according to Google (NSDQ: GOOG) AdPlanner.

Founder Andrew Baron writes in a blog post that he “entertained another serious buy-out offer, entertained an offer for investment from a premiere investor, and even considered turning it into a double-bottom-line company” before deciding to sell the property to the Cheezburger Network.

For its part, a Cheezburger Network representative tells us the site is a “natural compliment for our community” and will “help the public understand the origins of memes and how content goes viral on the Web.” CEO Ben Huh told us in January that the company would use its recent funding round in part for acquisitions.