The News-Sentinel published the following small item today:
Parent of comedy site is sold
IAC/InterActiveCorp (Nasdaq: IACI) announced Tuesday it has acquired majority stake and full voting control of Connected Ventures, LLC, parent of leading comedy site CollegeHumor.com. Terms of the transaction were not disclosed. Zach Klein, a 2000 Bishop Luers High School grad, represents the products development arm of Connected Ventures; he lives in New York City.
The story deserves a lot more than just a small squib. First, it's a sizeable transaction. Estimates place the sale price somewhere in the range of $30 to $50 million; it might be higher.
Second, Fort Wayne's Mr. Klein is one of four equal partners. The News-Sentinel identifier could be taken to mean that he is no more than an employee associated with Connected Ventures.
IACI paid a premium for a 51% interest; the partners all stay on to manage the enterprise; and, presumably, when the day comes and Connected Ventures continues its growth, the partners will receive another premium for the sale of the remaining ownership interests.
Third, the News-Sentinel did a front-page feature (above) about Mr. Klein last December that highlighted his desire to remain connected to Fort Wayne and to assist in its future. The newspaper already has the background it needs to round out a story.
Finally, Mr. Klein is a prime example of the "creative class" so much discussed in the last several years. Mr. Klein, in the way he talks about his hometown, is different from a lot of young people and certainly different from so many older jaded natives and psuedo-sophisticated transplants.
He loves Fort Wayne and speaks of his hometown without the cynicism so often heard when people discuss the city.
The IACI purchase of controlling interest in Connected Ventures is a big deal for the media giant headed by media legend Barry Diller. It is also a big deal for Zach Klein and Fort Wayne.
If nothing else, the enormous success enjoyed by Mr. Klein six years out of Bishop Luers High School is another great feature story.
While the News-Sentinel may have missed the boat, it should be said that the Journal-Gazette didn't even walk down to the dock. The news release was issued yesterday morning; that means the News-Sentinel didn't have time to include an item in yesterday's edition. The story happened on the Journal-Gazette's watch but they missed it.
And, of course, as readers of Fort Wayne Observed know, you didn't miss it.
MORE: Reader Joe Taylor, in a comment to FWOb:
"Zach worked with us as an intern one summer ... he wow'd us then and he continues to wow us now."
Mr. Taylor gives his take on Klein at his weblog, A Taylor Made Life.
But Mitch, that would have required someone to do some work. How do 2 newspapers survive in Fort Wayne anyway?
Posted by: Gary Welsh | August 16, 2006 at 11:58 AM
You forgot to point out that Zach was also the N-S' own Sterling Sentinel scholarship winner in 2000 and so, presumably, his name might ring a bell with someone. Never underestimate the toll that staff turnover takes on institutional memory.
Posted by: Nance | August 16, 2006 at 12:00 PM
I hope that neither Zach (to the extent he cares) nor anyone else (FWOb) take it personally....the News-Sentinel hasn't had any locally generated business content in months.
Ed. note: A thank you to Sue for her copy editing suggestion. The change has been incorporated in the post's text.
Posted by: Sue | August 16, 2006 at 12:05 PM
Zach worked with us as an intern one summer ... he wow'd us then and he continues to wow us now.
(My own take on Zach's latest newsbreaking accomplishment: http://ataylormadelife.com/blog/2006/08/elvis_zach.html)
Posted by: joe | August 18, 2006 at 12:01 AM