OhMyNews with $11 million round

Filed in archive Entrepreneurship on February 24, 2006

From editorsweblog.org:

"Arguably the world's most long-standing and successful citizen journalism publication, South Korea's OhmyNews, has traded almost 13% of its shares for $11 million from Tokyo-based firm Softbank. The deal also marks the first step towards an OhmyNews International division and a Japanese version of the six-year-old site.

Representatives of start-up citizen journalism sites in the United States sounded off positively on the deal.

Anthony Lappé, executive editor of Guerrila News Network, an umbrella for 10,000 community blogs, said, "There's a whole lot of interest in content sites, especially those that have a large number of contributors. It's a very captive and specific targeted audience, which advertisers like a lot."

Interesting angle - OhMyNews as an umbrella for 10,000 blogs. OhmyNews is a pr-blogging venture that has doen a great job in it's home market. $11 million will certainly help to expand into more overseas markets.