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Archives: October 2012

Reddit Might Be Worth $240 Million

Reddit, a site so schizophrenic it can host a chat by President Barack Obama alongside links to cat videos and porn, attracts about 3 billion page views a month. For site that is little more than a collection of message boards, it’s insanely popular. So naturally, people want to know what the site — which is owned by Advance Publications— is worth.

According to Forbes, the number is $240 million:

Advance has recapitalized Reddit, taking the site out of its Conde Nast division and allowing Reddit employees to own a sizable minority of newly issued stock. As part of that recapitalization, Advance bought $20 million of convertible preferred stock in Reddit and put in provisions saying that if Reddit is ever sold for less than $240 million, the conversion terms will be rejiggered so that Advance comes away with a bigger slice of Reddit and employees get less.

Given that Advance bought Reddit for about $5 million in 2006, the company is staring at quite a big payoff should it ever decide to sell.

FishbowlNY Newsstand: Your Morning at a Glance

Hector Tobar Adds Another Award

LA Times columnist Hector Tobar already has a Pulitzer and a 2012 California Book Award gold medal for his latest novel, The Barbarian Nurseries. Tomorrow afternoon, he will officially take receipt of another on the campus of UC Santa Barbara.

Tobar is the 2012 winner of the Luis Leal Award for Distinction in Chicano/Latino Literature. He is being honored for his two novels as well as the non-fiction tome Translation Nation: Defining a New American Identity in the Spanish-Speaking United States. The intriguing thesis of that one is that because of the work Latino immigrants must engage in today to preserve their Latin American identities, they are “latter-day pioneers.”

“Hector Tobar is one of the most important social and political novelists of his generation,” said Mario T. García, the UCSB Chicana-Chicano studies and history professor who oversees the Leal Award each year. “His writings deal with the hidden lives of Latinos in Los Angeles and the United States. These are the people who live in the shadows due to their immigration status, and yet are very much a part of our contemporary American society. Tobar’s characters reveal themselves as human beings who need to be accepted and integrated by the rest of us. Tobar is their voice.”

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Disney Buys Lucasfilm, Will Probably Ruin Star Wars Even More

This isn’t really New York centric, but it’s definitely big news. Disney has agreed to buy Lucasfilm — and the entire Star Wars franchise — for $4.05 billion in stock and cash. Half of the payment will be in cash, and 40 million shares will be distributed at closing.

“For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next,” said George Lucas, CEO of Lucasfilm, in a statement. “It’s now time for me to pass Star Wars on to a new generation of filmmakers. I’ve always believed that Star Wars could live beyond me, and I thought it was important to set up the transition during my lifetime.”

If the acquisition wasn’t big enough news for you, Disney also announced plans to release more Star Wars movies, starting with Star Wars Episode 7, in 2015.

Should you find yourself upset that Disney bought the beloved Star Wars franchise and is adding more movies to it, remember that Lucas already ruined everything with Jar Jar Binks. It can’t get any worse than that.

Viewing Jump | Always Stupid | Cleaning Up a Mess

SocialTimes: Netflix got a boost from Hurricane Sandy.

PRNewser: Yet another reminder that you should never underestimate the stupidity of companies.

FishbowlDC: How a Politico journalist corrected sloppy reporting by CNN and the National Weather Service.

George Lucas and Kathleen Kennedy Explain the Disney-Lucasfilm Deal

Who better to frame today’s Disney mega-deal than George Lucas? Via starwars.com late this afternoon comes a brief roundtable discussion featuring Lucas and his Lucasfilm co-chair Kathleen Kennedy:

Kennedy points to Disney’s prior success with Pixar and Marvel as a key influencer for the $4.05 billion deal. She also says that Lucas, “her Yoda,” will most definitely be involved in the pass-the-lightsaber process of meeting with screenwriters and determining a basic storyline for the next Star Wars film.

The funniest part of the video conversation occurs at the very end, when Kennedy jokes that a retired Lucas can blog about how his gatekeeper-successors are messing it all up.

Conan Profiles Magazines That Outlasted Newsweek

We each mourn the death of Newsweek in our own way. For Conan O’Brien, that meant taking a look at 10 improbable titles that somehow outlasted the once great news magazine.

To be fair, Racing Pigeon Pictorial International never ran a creepy, computer-generated image of an aging Princess Diana walking alongside the daughter-in-law she never met.

A slideshow of the magazines profiled can be viewed here.

Most Front Page Election Stories Written by White Reporters

A study and infographic released last week by 4th Estate reveals a lack of diversity among newspaper reporters covering politics. The study analyzed election coverge on the front pages of 38 major news outlets between January 1 through October 12, and found that 93% of stories were written by white reporters. According to the U.S. census, the overall population is only 63.4% white*.


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Amazing New York Times Graphic Tracks Hurricane Damage

The New York Times is doing a great job covering Hurricane Sandy. There is a lot of information (the paywall is still down) available, but the most interesting is a graphic detailing the damage from the storm.

The page is broken into five categories — Power Failures, Flooding, Wind, Subways and Railroads, and Other Transportation — that you can scroll through to find vital information presented in a unique, yet easily understood format.

For example, the Power Failures section features a map that adds dots that denote people without power, as time elapses.

Give the graphic a look, it’s well worth your time.

Kate Upton Lands Vogue Cover

Kate Upton has landed her first Vogue cover. The model appears on the November cover of Vogue Italia, wearing something that looks extremely uncomfortable. But hey, that’s fashion! We think.

Upton has now appeared on the cover of Sports Illustrated, GQ, CR Fashion Book and Cosmopolitan.

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