Update: LiveUniverse Buys Revver
The devil is in the details, they say. That’s especially true with business rumors. More often than not they start with a kernel of truth and then distort around the facts. Last week, the rumor was Internet video site Revver was gasping for last breaths and on the verge of sale for a fraction of the $12.7m so far invested. Speculation was that it might be had for as little as $500k plus the assumption of debt. Now, correcting prior reports, Newteevee is reporting the web video company did in fact sell but for a far less desperate price than originally speculated.
Brad Greenspan’s Live Universe, as rumored, was the buyer. According to Newteevee they paid a sum just under $5m (though insiders haven’t officially confirmed that). That presumably includes the assumption of debt in the total. The price is still far less than the total invested but also far better than the $1.5m value previously floated.
More info on Revver, and their history, can be found in the original report on the sale rumor from last week.
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