|WIRECUTTER FOUNDER BRIAN LAM|
Former Gizmodo editor Brian Lam launched the Wirecutter back in 2011 and today he’s handing it off to the New York Time in an all cash deal worth about $30 million. Mr. Lam will stay on as an advisor for now while Wirecutter’s editor in chief Jacqui Cheng and product director Christopher Mascari, will remain in their roles. The New York Times is happy about the acquisition.
“We’re very excited about this acquisition on two fronts. It’s an impressively run business with a very attractive revenue model and its success is built on the foundation of great, rigorously reported service journalism,” said Mark Thompson, president and CEO of The New York Times Company. “The New York Times is the definitive source for news, information and entertainment and now we’re working on becoming an authoritative destination for service journalism, with verticals like Cooking, Watching and Well. The practical approach that The Wirecutter and The Sweethome take to product recommendations embodies the same standards and values that are the pillars of our own newsroom. Their service-focused guides align with our commitment to creating products that are an indispensable part of our readers’s lives,”
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