Latino Portal Mio.tv Buys Spanish Social Network For €4 Million
By Patrick Smith - Tue 24 Feb 2009 03:34 AM PST

New York-based Latin-American English-Spanish portal Mio.tv has bought Spanish-based network Wamba for about €4 million (£3.5 million) including earn-out clauses, according to Spanish media reports via Techcrunch. Early Skype investor Morten Lund invested €3 million in Wamba in 2007—though according to Techcrunch that figure was only €1.5 million (£1.31 million) after the company missed its revenue targets. Lund comes out of this well, having reportedly held on to 40 percent of Wamba shares as part of his investment.

Mio.tv’s aim now is to reach more than 50 million Hispanic people in Europe and the Americas with its video, games and social networking facilities—a goal given an instant boost by Wamba’s 8.4 million users, mainly in Spain and Mexico. Plans are in place to open offices in Mexico, Miami and Madrid, according to Europapress.es.

Source: http://www.paidcontent.co.uk