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Huffington Post Is Worth How Much???
previous estimates. The single investment from Oak Investment Partners was led by venture capitalist Fred Harman, who will now sit on the company's board.
That will put the site's valuation at just "south of $100 million," according to a source of Kara Swisher's at All Things D.
The money will be used to grow the site's advertising capabilities, expand its local coverage and reporting capabilities as well as make strategic acquisitions.
The extra financial backing will also help HuffPo in the fight for dwindling ad dollars, which Harman, who is in Palo Alto, California, says has become more of a priority with the dwindling economy:
By Meghan Keane for Wired.com"Much of the news media business needs to be reassembled online around an ad-supported model and the timetable for this has been accelerated, not slowed, by this economic down cycle.
Also on Wired.com:
The Gadgets of the Mumbai Attacks
Iraq Security Pact 'Throws Contractors Under the Bus'
Germany Tries to Stop Body Scanners Seeing Nipples
Subscribe to Wired magazine
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