Friday, 1 June 2012

Martin Lewis' MoneySavingExpert site was sold for £87m

"Personal finance journalist Martin Lewis has sold his MoneySavingExpert website to the price comparison company MoneySupermarket in a deal which will net him up to £87m.
Lewis set up the site, which offers money saving tips and advice, reader forums and calculators, in 2003 and it now has around 5 million subscribers to its weekly email. According to Google Analytics, it attracted around 39 million unique visitors and 277m page impressions in the year ending 31 October 2011. It reported revenues of £15.7m for the same period.
Lewis, who is well-known as a media pundit on money matters, will receive £60m upfront in a mixture of cash and shares and a further £27m if he meets targets over the next three years, while he remains at the website as its editor-in-chief. He has said he will give £10m to charity, with £1m going to Citizens Advice."

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