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Mr MacManus will also remain with the organisation. Although terms have not been revealed, a figure of $US5 million has been canvassed as a likely sum for ReadWriteWeb.
In a visit to Australia last month Matt Sanchez, the chief executive of SAY Media, said that traditional media could expect to continue to be challenged by online media, which was developing a dialogue with readers that traditional media struggled to emulate.
SAY Media is the latest incarnation of a company which Mr Sanchez founded in 2004, at that time called Video Egg which was intended to act as a video publishing platform used mainly for serving advertisements. The renamed company has grown organically and by acquisition and is now a 400 person business, in four countries, with revenues of around $US100 million.
In the last couple of months the company has added a series of senior executives into chief operating and chief strategy roles in what Mr Sanchez candidly admitted was a precursor to an eventual IPO of the company which he described as a 'vertical media company'.
Within five years Mr Sanchez said the company could be a $600-$800 million concern.
SAY's purchase is the latest example of the continuing consolidation in the digital content market as organisations strive to develop the critical mass needed to attract both audiences and advertisers. This week STW Communications announced it had bought a controlling stake in Sydney based digital marketing business Bullseye which no longer saw any benefit in remaining independent, acknowledging that faster growth would be possible as part of a larger organisation.
