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  1. #1
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    Smile CNN Buys iReport.com For US$750,000. Seller Registered It Last 1997 For $70 !

    Cable News Network (CNN) Acquired iReport.com For $750,000

    The whois is showing now that Turner Broadcasting System/CNN as the registrant:

    Domain Name: iReport.com
    Registrant:
    Turner Broadcasting System
    One CNN Center
    Atlanta, GA 30303
    US
    Tel :404-827-3470
    Fax:404-827-1995

    Record last updated 01-16-2008 01:08:13 PM
    Record expires on 10-29-2017
    Record created on 10-02-1997

    Quote From DNJournal
    T.R.A.F.F.I.C. Conference co-founder and pioneer domain investor Rick Schwartz has just completed the sale of iReport.com to the Cable News Network for $750,000. As the contract was being finalized Schwartz was asked if he had any similar domains so he told CNN he also owned the hyphenated version, i-Report.com. When the cable TV company expressed interest in getting that domain as well to protect their planned branding of iReport.com, Schwartz said he decided to give them that less desirable name at no charge rather than re-open negotiations and delay closing of the deal for iReport.com.

    DNJournal Link

    Post your comments here.

  2. #2
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    Nice one Rick
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  3. #3
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    Quote Originally Posted by focused View Post
    Post your comments here.
    Stupidity costs. CNN should NOT have used and branded I-Report in the first place.
    Co-Founder @HostHideout. Profoundly influenced by #Bauhaus, @Nameslave unrepentantly embraces #Minimalism with a bias for functionality, color theory and pixel precision: a #multimedia messenger in the McLuhan sense. His totally irrelevant M.Ed. dissertation examines Organizational Culture and Change Management. He also likes Patrik Ervell, Wong Kar-wai and IKEA.

  4. #4
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    $750K is small for CNN, I believe it's money they can waste away for that domain.

    On the other hand, it's good money for the domain owner Congrats!
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  5. #5
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    Quote Originally Posted by FHDave View Post
    $750K is small for CNN, I believe it's money they can waste away for that domain.
    Being rich doesn't necessarily mean you need to buy a bottle of windshield wiper fluid for $500. It just shows you're not smart.
    Co-Founder @HostHideout. Profoundly influenced by #Bauhaus, @Nameslave unrepentantly embraces #Minimalism with a bias for functionality, color theory and pixel precision: a #multimedia messenger in the McLuhan sense. His totally irrelevant M.Ed. dissertation examines Organizational Culture and Change Management. He also likes Patrik Ervell, Wong Kar-wai and IKEA.

  6. #6
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    Quote Originally Posted by nameslave View Post
    Being rich doesn't necessarily mean you need to buy a bottle of windshield wiper fluid for $500. It just shows you're not smart.
    Your analogy fails. If you buy a bottle of water for $500 where somebody else can buy that same bottle for $1, then indeed, you are not smart. Can you buy the domain that CNN just bought?

    No ... exactly.
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  7. #7
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    Quote Originally Posted by FHDave View Post
    Your analogy fails. If you buy a bottle of water for $500 where somebody else can buy that same bottle for $1, then indeed, you are not smart. Can you buy the domain that CNN just bought?

    No ... exactly.
    I guess you failed to get my point altogether. The truth is, there are not only the $500 windshield wiper fluid, but also $50 ones, which are good enough (and much better than those $1 cheap stuff) for that exact purpose. But by using I-Report in the first place, they left themselves no other choice, but to buy ireport.com for a clearly inflated price.
    Co-Founder @HostHideout. Profoundly influenced by #Bauhaus, @Nameslave unrepentantly embraces #Minimalism with a bias for functionality, color theory and pixel precision: a #multimedia messenger in the McLuhan sense. His totally irrelevant M.Ed. dissertation examines Organizational Culture and Change Management. He also likes Patrik Ervell, Wong Kar-wai and IKEA.

  8. #8
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    The cost is not really high considering it is for a concept that may be used by hundreds of millions of viewers. It may become 'the YouTube' for news media sharing.

  9. #9
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    Quote Originally Posted by nameslave View Post
    I guess you failed to get my point altogether. The truth is, there are not only the $500 windshield wiper fluid, but also $50 ones, which are good enough (and much better than those $1 cheap stuff) for that exact purpose. But by using I-Report in the first place, they left themselves no other choice, but to buy ireport.com for a clearly inflated price.

    I guess they should have checked the availability of the domain name first.

    But I disagree that the purchase was a bad move. there maybe other domain available for much less price but it may not be what they need.
    Roi

  10. #10
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    Quote Originally Posted by nameslave
    But by using I-Report in the first place, they left themselves no other choice, but to buy ireport.com for a clearly inflated price
    According to the first post they got i-report.com for free

    Agree that anyone who doesn't buy up the domains before they start branding are stupid, imho. They deserve to get ripped (which they were)
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  11. #11
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    The value of the domain is determined by how much the buyer is willing to pay for it. It is not set by the the availabiltiy of other like or unlike domains. Funny how people can judge CNN in this regards. The fact of the matter, if you are the owner of ireport.com, I bet you would thank CNN and think CNN has done the right move, irregardless of the availability of other like or unlike domains. hypocrites?
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  12. #12
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    Quote Originally Posted by FHDave View Post
    The value of the domain is determined by how much the buyer is willing to pay for it. It is not set by the the availabiltiy of other like or unlike domains.
    This is the most common MISconception of domain sales. The value, or PRICE more accurately, is NOT determined by the BUYER alone. It's ECON 101 that it's actually BOTH demand AND supply that help shape the market. Moreover, the uniqueness of a certain domain name is often mistaken as the absense of substitutability. Even sex.com is not 100% irreplaceable; the point is HOW WELL a replacement can do. AND substitutability is EXACTLY one of the factors that helps determine the value of a domain.

    It's a pity that so many so-called domain investors have got the wrong mindset; perhaps that's also the reason why we often come across crappy domains asking for astronomical figures.

    Quote Originally Posted by FHDave View Post
    if you are the owner of ireport.com, I bet you would thank CNN and think CNN has done the right move
    No, no. Don't get me wrong. The seller of ireport.com did a VERY GOOD job. If I were him, I would do the same (by inflating the price, esp. when you can tell it's CNN coming, EVEN if the buyer *tried* to conceal their ID). I would also be extremely pleased that CNN actually bought my ireport.com; but more importantly, I would be even happier because I outsmarted them.
    Co-Founder @HostHideout. Profoundly influenced by #Bauhaus, @Nameslave unrepentantly embraces #Minimalism with a bias for functionality, color theory and pixel precision: a #multimedia messenger in the McLuhan sense. His totally irrelevant M.Ed. dissertation examines Organizational Culture and Change Management. He also likes Patrik Ervell, Wong Kar-wai and IKEA.

  13. #13
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    Rick did an excellent job, imho. Who would have guessed that a domain that looked expensive 10 years ago with an "i" prefix would sell for 3/4M today. There's quite an element of luck in that decision to keep renewing, again imho. I think there was an element of class (which surprised me) about him giving them i-report for nothing. It's stories like this which give us all some hope as we toil away at our keyboards trying to make a few crumbs off our domains.
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