Robert W. Pittman made a good investment in 2003, when his company, Pilot Group LLC bought a controlling interest in the online newsletter, Daily Candy.
Pilot Group paid in $3.5 million. This week Comcast bought the venture for $125 million.
Daily Candy is a women-oriented shopping and travel email newsletter that promotes restaurants and boutique stores, giving its subscribers discounts on products. Suggestions and deals are accompanied by quips and illustrations.
The newsletter comes in localized versions for 11 US cities, including New York, Philadelphia, Miami and Seattle.
The free service has attracted 2.5 million subscribers. Despite the small size of the company, (it employs just 55 staffers), it has attracted big-name advertisers such as Target, American Express and Proctor & Gamble.
Just last month, Gawker reported rumors that Daily Candy would sell for only $75 million.
The company was founded in 2000 by Dany Levy, a former New York magazine staffer. Pittman, former AOL Time Warner COO and co-founder of MTV, put the company on the market in 2006.
Daily Candy will be assimilated into Comcast’s Interactive Media division, which is parent company to movie site Fandango and Plaxo, a social address book website.
Some Daily Candy editors and writers already have been featured on Comcast’s E! and Style networks.
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