According to TechCrunch, the novelty site turned dating community HotorNot has been acquired by Avid Life Media for a sum rumored to be in the neighborhood of $20 million. Not bad for the owners, James Hong and Jim Young, who started the thing seven years ago on a whim, sans ambition or vision. TechCrunch reports that the site’s annual revenue is estimated to be “around $5 million, with $2 million in profit.” Here’s Michael Arrington with the scoop:
I spoke with Hong a few moments ago, who confirmed the acquisition, which closed on Friday, but not the price. He says he and Jim will not be affiliated with the business on a day to day basis going forward. “We’ve been working on HotOrNot for seven years now,” said Hong, adding “It’s time to break up with this girlfriend.”
