Old Media are starting to get smarter and realise that they need to move onto the web, if they are going to survive in the long run. This time Guardian Media Group have acquired ContentNext which is the holding company for properties including the PaidContent blog.

A source close to the deal, has told us the deal is worth $35 million which includes earnout provisions. Rafat has confirmed the deal but hasn’t mentioned the price (here).

Rafat said that the Guardian had previously made an offer for the company, but instead he chose to raise a $1 to $2 million fundraising round. However, the group came back with a new offer three weeks ago and he said that the offer was too good to pass up.

ContentNext will remain an independent unit of the group and won’t be directly affiliated with the newspaper.

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