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Citizen Media Company Bought by Traditional Media Company

Mike Orren reports, in “Domesticated but not fixed“:

We’ve just sold Pegasus News to Fisher Communications (NASDAQ: FSCI), a publicly-traded TV and radio broadcasting company based in Seattle. While sales of companies are sometimes viewed as endings, this should be looked upon as a beginning — hopefully the beginning of a lot of cool things for you and for us.

Many citizen media companies will be acquired in coming years by the traditional media operations. The upstarts have most of the best ideas. The incumbents have most of the money, and will for some time longer.
Sometimes the upstarts end up beating the big guys. Witness what Michael Bloomberg did to Dow Jones.

Citizen media’s business evolution will take all forms, and today’s deal for Pegasus News is just one.

Congrats to Orren and his team.

3 Comments on “Citizen Media Company Bought by Traditional Media Company”

  1. #1 Seth Finkelstein
    on Jul 17th, 2007 at 8:15 pm

    Yes indeed, predators are just part of the evolutionary process, citizen-prey. Think of it as Evolution In Action.

    A few business people are going to get bought-out for a nice chunk of money, built on the backs of those getting chump-change, err, the joy and happiness of civic virtue.

    Nick Carr nailed it:

    “The blog-peasants gathered along the shore, jeering at the ships and telling the invaders that they would soon be vanquished by the brave lords in the great castle. But when the captains of the merchant ships made their way to the gates of the castle, bearing crates of gold, they were not repelled by the lords with cannons but rather welcomed with fanfares. And all through the night the blog-peasants could hear the sounds of a great feast inside the castle walls.”

  2. #2 » Peces pequeños se comen un pez grande o viceversa
    on Jul 19th, 2007 at 12:26 am

    […] | Citmedia (la casa de Dan […]

  3. #3 On a des choses à se dire » Le Washington Post s’engage dans le journalisme hyperlocal
    on Jul 20th, 2007 at 4:23 pm

    […] des émules, of course. Justement, l’un d’entre eux vient de se planter. Mais un autre (Pegasus News) vient de se faire racheter par un gros poisson. Et de toutes façons, aux Etats-Unis, un échec […]