Rick Schwartz sells domain name to media company.
Rick Schwartz has sold the domains iReport.com and i-Report.com to Turner Broadcasting System, parent of CNN, reports DNJournal. The purchase price was $750,000.
The outspoken Schwartz, the self-proclaimed “Domain King”, is known for his bullish view on domain names and for creating the popular T.R.A.F.F.I.C. domain conferences.
CNN has an iReport program where individuals can submit video news. iReport was launched in 2006. A check of historical whois records at DomainTools shows that Schwartz has owned this domain since at least 2002.
This is an example of what can happen when a large company realizes the value of a generic domain and a seller is not in a hurry to sell. Schwartz owns many premium domain names and only sells to people who are serious. In the hands of another domainer, this domain could have sold for $25,000 or less.
It will be interesting to hear the complete story, including if CNN came directly to Schwartz to buy the domain or went through a third party. I’m also curious how much type-in traffic the domain received after CNN launched its program.
I smiled with those comment:
“Schwartz owns many premium domain names…”
Because being serious iReport.com is not a what we use to call a premium domain…
And the “only sells to people who are serious” is also very comic, I guess that you wanted to say “to people who have a lot of money”.
Now I share with you that Rick is an exceptional salesman and that the sale conditions made this incredible domain purchase, and not the potential domain value.
Yes, iReport isn’t premium, thus my comment that it could have sold for a lot less. But he does own a lot of premium domains 🙂
Way to go SCHWARTZY!
Apparently there’s not a recession in the domain economy.
Congrats to Rick!
He recouped his investment in property.com, which he bought for $750,000 in August 2005.
And, yes, Rick does own some great premium domain names.
M. Menius says
There are various ways to place value on a domain name. But none can compare to the “X-factor” … which is the value of a specific domain to an end-user when it fits their purpose like no other.
Jason Davis says
I love stories like this. Makes me think I should have held on to iTune.com (had it before apple came along with… well you know)
Also maybe someone wants to buy iDistance.com from me. I’m not looking for 750k to be happy though.
Rick is the King, he makes it all look so easy.
Patrick McDermott says
I just registered:
How much will you pay, Andrew?
Fabulous purchase by CNN. And the result 2 years after the sale: a proud 1200 compete.com rank, whereas CNN.com is ranked 35!
Just another great domain based investment 😉