Media - Tuesday, December 4, 2007
News Corp. Buys Beliefnet
Founded in 1999, spirituality site Beliefnet has been bought by News Corp. No financial terms have been reported or disclosed yet. The site lays claim to over 3.1M monthly unique visitors and over 7.6M email subscribers.
Back in 2002, Beliefnet hit rock bottom. After having burned through $25M from investors, it had to declare bankruptcy and cut is staff of 70 down to 12 and even reportedly fired its janitor service, forcing staffers to take turns cleaning the bathrooms. What it had was traffic to build on and that was enough to get them another round of funding - this time from Softbank Capital. The Internet is like that. The press and blogosphere like the flavors of the month but often it's what you do once you have lost momentum that matters.
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