Tech news site Gizmodo sold to European company

Tech news website Gizmodo has been sold to Keleops Media, a European digital media company, for an undisclosed amount, reports Justin Baragona of The Daily Beast.

Baragona reports, “In a company-wide email obtained and reviewed by The Daily Beast, G/O Media CEO Jim Spanfeller wrote: ‘A short time ago we were approached by European based Keleops Media expressing interest in purchasing Gizmodo to add to their growing tech media holdings. After serious consideration, G/O Media’s board of directors have decided to accept their offer for a variety of reasons which include Keleops’ agreement to keep Gizmodo’s entire staff intact and a sale valuation that represents a substantial premium from our original purchase price for the site.’

“Claiming that the increased valuation of the site was a ‘strong testament to the work of not only our editorial teams but also the core other areas of our operations,’ Spanfeller praised the company’s sales and marketing teams as well as the development group for the ‘wonderful work’ they’ve done to improve the site’s features and marketing.

“‘Under the terms of the transaction the Gizmodo staff will continue to work in our offices here in New York City at least for the near term,’ the CEO continued. ‘For the past two decades Gizmodo has been a leader in covering technology and its related vertical subjects with a unique approach and voice that has established itself as a vital player in tech journalism. The site’s new owners are very excited to be getting a great brand with a talented group of journalists.'”

Read more here.