Monday, March 2, 2009 11:07 AM
It looks like user-gen photo publisher 8020 Media is getting a second chance at life. The company has been bought by photo equipment marketer Adorama Camera and an unidentified investor, 8020's former President and CEO Mitch Fox told paidContent. The "multi-year" deal makes Adorama the main partner in 8020 community photo site and mag JPG.
Two months ago, the San Francisco social media company said it was forced to close its doors after two years due to a lack of funds. 8020 had shuttered travel mag Everywhere in August. News of 8020's shuttering brought about 30 offers to buy its assets; about half were serious Fox said. As part of the comeback, Fox will hand the reins over to Seth Familian, who was previously 8020's VP for product development. Fox will remain on the company's board.
?ValleyWag: The purchase was put together by Montana-based venture capitalist Brandon Calder. Essentially, the deal was an asset sale?Calder set up a company called 8020 to buy the original 8020. In the case most asset sales, the previous investors usually find all the money they in has evaporated. It's not clear if that's what happened in this case to 8020's backer Minor Ventures, the venture-capital firm run by CNET founder Halsey Minor. ValleyWag's Owen Thomas pins the blame on the company's on Fox, saying he had "bungled" the sale to potential buyers like photo-sharing site SmugMug?who may have balked at being dragged into bidding war. Sources counter that by telling paidContent that Fox was supposed to initiate a bidding war for the company's assets. Additionally, the sources say SmugMug wasn't interested in offering any money anyway; the company only to takeover JPG and keep it alive, but didn't want to pay anything to transfer ownership.