By Joseph Walker And Spencer E. Ante:
Digg Inc., a social-media pioneer once valued at more than $160 million, is selling for the deeply discounted price of about $500,000, three people familiar with the matter said.
The buyer is New York technology development firm Betaworks, which is attempting to revive a news-sharing site that was outmaneuvered by Facebook Inc. FB -0.52% and Twitter Inc.
Digg confirmed Thursday it sold its brand, website and technology to Betaworks. The price is a pittance for a company that raised $45 million from prominent investors including Facebook investor Greylock Partners, LinkedIn Inc. LNKD +3.52% founder Reid Hoffman, and venture capitalist Marc Andreessen… Read more