Hyper Local Site Gets Hyper Locally Sold

Pegasus News, the web site you know best as home to our own Teresa Gubbins, has been sold. Well, partially at least. The majority shareholder, Fisher Communications (aka, “the money”), has sold its stake in the site for $1.5 million. Founder Mike Orren said he couldn’t comment on the sale other than to say it’s “good for PegNews and for our staff.” Left unsaid was the fact that, hey, we’re all just trying to hold onto our effin hats here.

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Comments

19 responses to “Hyper Local Site Gets Hyper Locally Sold”

  1. Mike Orren says:

    Hey, we’re all just trying to hold onto our effin hats here.

  2. Me says:

    I can’t believe Fisher got $1.5M for that thing. Or that anyone would want to buy it.

  3. Clarify says:

    Remind me… was Wick or his affiliated businesses an early and/or current investor of Pegusus News? If that’s true, what is his relationship to this deal? Is he in or out…. if at all?

  4. You says:

    I think the “drink specials” map is worth like $2M. Plus all those great photos… what a steal.

  5. Joe Sixpack says:

    The future of news looks suspiciously like “status update” on Facebook

  6. Ellen says:

    I think Pegasus News ROCKS! It’s my fav site in Dallas for news.

  7. ben says:

    I hope it works out for everyone involved. I also hope they don’t make many staff, content or design changes. It ain’t broke.

  8. Me says:

    It is broke: they have barely any revenue. Why do you think Fisher sold it? It was a black hole of costs. By my back of the envelope math, looking at their ad inventory by clicking around on the site, then looking at their staffing and guessing on things like rent and other fixed costs, I’m estimating they were losing $50K per month. I wouldn’t touch it with a 10-foot pole.

  9. Eric Celeste says:

    i think wick was early investor, yes. but also think he is not currently.

  10. ben says:

    Thanks for squashing all my hopes “Me”. Now I just want to drink my life away.

  11. Me says:

    Sorry ben. The site has a ton of potential, but it looks to me as if it has been grossly mismanaged. My 2 cents.

  12. alan says:

    Teresa Gubbins still seems to break more local dining stories than anyone else I am aware of and Chris Curotolo’s team continues to maintain the best online city guide for Dallas restaurant and bar information.

    I’m glad the Peg will still be around anytime I am back in Dallas and hungry.

  13. Clarify says:

    Thanks, Eric. So did he pull out at an earlier date, or did he get out with this sale?

  14. Someone in the know says:

    Wick and the early investors got their money back (and a small return) when Pegasus was sold about a year ago to Fisher.

    Don’t cry for Fisher, though. It made money on this sale, even at $1.5 million.

    Good for everyone involved.

  15. publicnewssense says:

    Think Belo might have bought it? Can’t imagine why unless it’s a new way to eliminate online competition while giving each new visitor a Cuecat.

  16. LakeWWWooder says:

    Hey Mike throws a good party – maybe there will be a celebration.

  17. Lil F says:

    yeah Pegasus news is cool

  18. sorry says:

    Sorry folks, but Pegasus News IS the cuecat.

  19. Clueless says:

    Who knew a sad little site could cause so much discussion? I can’t say I get Pegasus News. My few encounters with it say it’s useful for searching local entertainment and restaurants (if the information on the site is actually accurate), although the search function itself is a mystery at times. It’s at best amateurish and at worst completely useless for everything else. Think they should bag trying to cover real news, and stick with database management. Just my two cents.