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Former AOL Executive Pittman to Sell "Daily Candy" Internet Company

Authored by Mark Hefflinger on February 15, 2006 - 9:48am.
Dulles, Va. - Robert Pittman, a former top executive at America Online, stands to make tens of millions of dollars by selling off the Daily Candy, a network of 11 electronic newsletters focused on shopping and entertainment, The Wall Street Journal reported on Wednesday. Pittman, who resigned from AOL in 2002 following the company's merger with Time Warner, has reportedly put the Daily Candy on the auction block, and people familiar with the matter believe it could fetch more than $100 million. He purchased a majority stake in the company, which is aimed primarily at young women, for $3.5 million in 2003. The Daily Candy has 11 editions, including one in DC. It publishes daily recommendations on fashion, shopping, entertainment, and food. Pittman, the former right-hand man of AOL founder Steve Case, founded his investment firm, called Pilot Group, in 2003.
tags: AOL | Sell | Daily Candy | Pittman | Internet Company |