Business.com Could Hit Jackpot on Auction Block, reports the Wall Street Journal in reference to the domain going on sale for a possible sum of anywhere between $400-$500 million.
Back in 1999, when entrepreneurs Sky Dayton and Jake Winebaum bought the domain name, for the then highest ever price (for a domain name) of $7.5 million, they were laughed at. The tide surely has changed with the domain's current price.
"The company that grew out of business.com — a search engine used by businesses to find products and services — is now on the auction block, and could fetch anywhere between $300 million and $400 million, according to people familiar with the matter. Their interest shows how, well into the Internet age, media companies are still eager for properties that can deliver online revenue and growth. Business.com, Santa Monica, Calif., has 2007 earnings before interest, taxes, depreciation and amortization of about $15 million, the people familiar with the matter said, with its online traffic growing by 50% in the first quarter of 2007, compared with the year earlier."
Reports suggest big media companies like Dow Jones and New York Times are interested in the purchase though reps of both companies still remain tight-lipped.
Sky Dayton will continue as director while Jake Winebaum as Business.com's Chief Executive. International financial services group, Credit Suisse will be managing the sale.
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