Friday, March 7, 2008
LiveUniverse Offers $11M For Stage6
LiveUniverse, the online interactive entertainment site headed by former Intermix head Brad Greenspan, said today that it has offered $11M plus equity to acquire Stage6, the online user generated video site owned by DivX. According to LiveUniverse, its offers to acquire the site has been rebuffed by the board of directors of DivX. LiveUniverse said it is looking to pay $3.0M in cash, plus $5.0M in online advertising to DivX to acquire its Stage6 site, which DivX shut down last week. The firm said that it would provide 10% of the equity in the new company to DivX shareholders along with the deal. LiveUniverse is looking to merge Stage6 into its four video entertainment websites. The offer to acquire San Diego-based Stage6 comes shortly after LiveUniverse acquired Los Angeles-based Revver, another online video sharing and user generated content web site. According to LiveUniverse, Montgomery Securities is representing DivX in its sale of Stage6.