Guardian Media looking to sell PaidContent.org

Peter Kafka of All Things Digital reports that Guardian Media Group has put New York-based media news site PaidContent and its parent company ContentNext on the block.

Kafka writes, “The British newspaper publisher has hired boutique bank Coady Diemar Partners to market the company. People familiar with the sale believe the Guardian is looking for something in the $15 million to $20 million range for the property, which would let it recoup its initial investment and subsequent infusions of working capital.

“The move, which the company has contemplated for the last year or so, comes as the British newspaper publisher is going through a cost-cutting round while simultaneously gearing up for an attempt to create a U.S. foothold, via New York-based Web operation. Alan Hudson, a Bank of America executive hired by the Guardian this summer to ‘oversee the company’s investment portfolio,’ is overseeing the sale.

“Here’s a statement from a Guardian PR rep, sent in response to my query about the sale:

‘Following a strategic review Guardian News & Media has decided to seek a buyer for ContentNext Media. ContentNext is a high-quality asset but our focus in the US is on building the Guardian. It’s early days but we have received several expressions of interest and are talking to a select number of potential buyers.'”

Read more here.