San Francisco based HotOrNot, founded by James Hong and Jim Young in October 2000, has been acquired, we’ve heard from multiple sources.
The buyers are investors connected with Avid Life Media, and paid somewhere around $20 million for the site. Hong and and Young have been taking money out of the very profitable business all along the way. HotOrNot never raised outside funding.
The investors are creating a new company, called HotOrNot Media, and they may be acquiring more properties as well.
HotOrNot makes money from advertising, virtual flowers and a premium fee when users want to connect. Their annual revenue is estimated to be around $5 million, with $2 million in profit. According to Comscore, the site has around 5 million monthly unique visitors and 200 million page views.
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