Tech news site Re/code, which sold last week to Vox Media, was projected to generate $12 million this year, up from $10 million last year, reports Allyson Shontell of Business Insider.
Shontell writes, “Most of its revenue was generated from Code, its A-list technology conference, which was the successor to the D conferences. Tickets to Code cost more than $3,000 a piece and the lineup for the last two years has included the CEOs of Uber, Snapchat, Twitter, Salesforce, Netflix, Microsoft, and Dropbox.
“Although sources say investors were willing to give Swisher and Mossberg more cash, the pair decided to sell their startup to Bankoff instead. They had about $7 million left in the bank, much of which they’ll be returning to investors, a person with knowledge of the situation tells Business Insider.
“The Re/code acquisition was an all-stock transaction based on Vox’s November valuation of $380 million. So, depending on how much you think Vox is really worth, Mossberg, Swisher, and their investors could stand to make a lot of money from the deal, or they could merely break even.
“Multiple sources indicated that the value of the deal though, as it currently stands, was between $15 and $20 million, in addition to some stock incentives for Re/code’s executives.”
