NewTeeVee reports that LiveUniverse has picked up Revver for something more than $1.5 million, ending a long, drawn-out sale process for the troubled site. Revver had been negotiating with Brad Greenspan’s LIveUniverse for months; last week CNet reported that talks had stalled, and that Revver was reduced to peddling itself for a few several hundred grand and the assumption of $1 million debt.
But apparently a deal was sealed Wednesday, for what Liz Gannes describes as “many multiples more” than the reported $500,000 to $1.5 million now says is less than $5 million (see comment below). Revver launched in 2006 with the notion that it would compete against YouTube by restricting its site to the best user-generated video, sell advertising against it, and split the proceeds. It sounded pretty good at the time, and the company raised $12.7 million in venture funding from the likes of Comcast and Draper Fisher Jurvetson.
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