Nine confirms it has bought stake in online youth site Pedestrian.tv
Nine Entertainment has this afternoon confirmed it has bought a major stake in youth online brand Pedestrian.tv, while remaining coy on the price paid or the size of its stake.
A Nine spokeswoman declined to comment on the price paid by the media company however, the news comes just a day after media reports emerged that Mi9, Nine’s digital division, was looking to spend $10m on a 60 per cent stake in the business.
Alex Parsons, managing director of Mi9, told Mumbrella: “When we look at the market and where our strengths are, we saw an opportunity in that youth segment. It is where our current offering is not as strong as it could be.”
“When you look at that, you then say we could go down the path of build, buy or partner in this space. Building in that segment is difficult – the youth segment can be fickle and a tough audience to crack.”
$10M for 60%
Wheres the value in Pedestrian.tv? 30k twitter followers and 115k on facebook only. Stories have minimal shares/likes. Missing something?
Missing the real investment. $0 except for content sharing.
These guys used to have street cred. Too bad they sold out to Packer and the Nine network.
Your missing the faked share and retweet stats they have on their articles.
@dmitri – revenue model.
They charge a fortune and deliver bugger all.
I’ve followed Pedestrian since the “Plastizine” days. Congratulations Oscar & Chris. You guys thoroughly deserve every success that comes your way.
good luck to the young blokes for nailing an earn for their efforts.
But playing with fire will lead to a couple of burns……a big investor will expect big returns.
fair price given Pedestrian TV revenues, efficiency and growth.
I love and leave enough snide comments myself but on this occasion: Oscar & Chris great work. Always a joy to see some entrepreneurs get a payout.
Somebody had to say it but doesn’t Nine already have pedestrian tv?
I see what you did there.