Stereogum sticks to BuzzNet
The New York Post is reporting that the owners of hipster music Web site Stereogum, which include former AOL executive Bob Pittman, former MTV digital guru Jason Hirschhorn and founder Scott Lapatine, have signed a deal to flip their equity stakes in the company to BuzzNet.com.
According to a source close to the transaction, the deal values Stereogum at around $5 million. This source stressed, however, that Stereogum wasn’t being sold outright and that its owners weren’t cashing out of the Web site. Rather, they have simply traded their equity stakes in Stereogum for an ownership percentage of BuzzNet, which is a fast-growing pop culture and music social-network.
Pittman, who now runs investment firm The Pilot Group, Hirschhorn and Lapatine own 100 percent of Stereogum. BuzzNet investors are Anthem Venture Partners and Redpoint Ventures
www.buzznet.com, www.stereogum.com
