Categories: OLD Media Moves

Re/code projected to generate $12 million in revenue this year

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.”

Read more here.
Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

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