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TMG paid EUR 53 mln for Hyves

Friday 17 June 2011 | 09:24 CET | News
The Telegraaf Media Groep (TMG) paid EUR 53 million for social network site Hyves, according to statements from Hyves co-founder Raymond Spanjar in his book "From 3 to 10,000,000 friends". The book chronicles the history of the social networking site. TMG bought Hyves last year but did not disclose the purchase price. Telecompaper estimated the value of Hyves during the takeover at around EUR 50 million. Hyves was launched in 2003 and has now 10 million members. Membership growth has slowed however, by contrast to US competitor Facebook, which now has 4.8 million Dutch members.

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Categories: Internet
Companies: Facebook / Hyves / Telegraaf Media Groep
Countries: Netherlands
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