Wirecutter and Sweethome purchased by New York Times in "more than $30 million" deal

In a deal reportedly worth "more than $30 million," The New York Times announced today that it has purchased The Wirecutter and The Sweethome, consumer product review sites created by our friend Brian Lam. Congratulations, Brian and team! You built something amazing and we can't wait to see what you do next.

From the NYT press release announcing the deal:

The
New York Times Company today announced that it has acquired The
Wirecutter and The
Sweethome, product-recommendation services that serve as a guide to
technology gear, home products and other consumer services. The
acquisition was an all-cash transaction that closed on October 24, 2016.

Founded in 2011 by technology journalist Brian Lam, who worked as an
editor at both Gizmodo, and Wired, The Wirecutter and The Sweethome, its
sister site, are lists of the best gadgets, gear and other products for
people who quickly want to know what to get. The sites are built on the
strong editorial backbone of journalists making research-driven,
powerful product recommendations. The sites generate revenue primarily
through affiliates—that is, money earned by offering direct links to
merchants in exchange for a share of any ultimate sale. These merchants
include both major online retailers such as Amazon, as well as niche and
vertical-specific shops.

“We’re very excited about this acquisition on two fronts. It’s an
impressively run business with a very attractive revenue model and its
success is built on the foundation of great, rigorously reported service
journalism,” said Mark Thompson, president and CEO of The New York Times
Company. “The New York Times is the definitive source for news,
information and entertainment and now we’re working on becoming an
authoritative destination for service journalism, with verticals like
Cooking, Watching and Well. The practical approach that The Wirecutter
and The Sweethome take to product recommendations embodies the same
standards and values that are the pillars of our own newsroom. Their
service-focused guides align with our commitment to creating products
that are an indispensable part of our readers’s lives,” Thompson added.

Following the acquisition, Mr. Lam will stay on in an advisory role,
while Jacqui Cheng, editor-in-chief, and Christopher Mascari, product
director, will remain in those roles. Ben French, vice president of NYT
Beta, will serve as interim general manager and will work to integrate
The Wirecutter and The Sweethome into The Times Company.

Mr. Lam said, “The New York Times is the perfect home for The Wirecutter
because of our shared love and commitment to reader service and public
good through rigorous reporting. And most important, we're thrilled to
have the chance to help Times readers find great gear that can improve
their lives.”

[via Ars, Recode]