CNN Buys iReport.com for $750,000
Rick Schwartz has sold the domains iReport.com and i-Report.com to Turner Broadcasting System, parent of CNN, reports DNJournal. The purchase price was $750,000.
The outspoken Schwartz, the self-proclaimed “Domain King”, is known for his bullish view on domain names and for creating the popular T.R.A.F.F.I.C. domain conferences.
CNN has an iReport program where individuals can submit video news. iReport was launched in 2006. A check of historical whois records at DomainTools shows that Schwartz has owned this domain since at least 2002.
This is an example of what can happen when a large company realizes the value of a generic domain and a seller is not in a hurry to sell. Schwartz owns many premium domain names and only sells to people who are serious. In the hands of another domainer, this domain could have sold for $25,000 or less.
It will be interesting to hear the complete story, including if CNN came directly to Schwartz to buy the domain or went through a third party. I’m also curious how much type-in traffic the domain received after CNN launched its program.
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