The New York Times just bought a tech review website
Get ready for all the tech reviews fit to print.
The New York Times has acquired The Wirecutter, an online product review website focused on technology and consumer goods, and its sister site Sweethome.
Recode first reported the deal, and said the Times is paying more than $30 million for the website.
The acquisition comes as the Times is working toward a lofty goal of doubling its digital revenue to $800 million by 2020. The company has found some success with its online subscription model but is suffering from the same print slowdown as the rest of the newspaper industry.
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The Wirecutter operates on a different model from most online publications. Instead of selling display ads, the company relies on people to click on links of the products they review. The site then makes money when people buy those products based on the traffic Wirecutter sends.
The Times announced the acquisition in a press release.
"We’re very excited about this acquisition on two fronts. It’s an impressively run business with a very attractive revenue model and its success is built on the foundation of great, rigorously reported service journalism," said Mark Thompson, president and CEO of The New York Times Company, in the press release.
Wirecutter was started by Brian Lam, a former editor at Gizmodo and Wired. Lam is staying on in an advisory role, while the site's editor-in-chief and product director will retain their positions.
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"The New York Times is the perfect home for The Wirecutter because of our shared love and commitment to reader service and public good through rigorous reporting. And most important, we're thrilled to have the chance to help Times readers find great gear that can improve their lives," Lam said in the press release.
The Times has been working with Wirecutter for a while, with the paper using the website's content to put together pieces like a guide to the best wireless routers.
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Jason Abbruzzese is a Business Reporter at Mashable. He covers the media and telecom industries with a particular focus on how the Internet is changing these markets and impacting consumers. Prior to working at Mashable, Jason served as Markets Reporter and Web Producer at the Financial Times. Jason holds a B.S. in Journalism from Boston University and an M.A. in International Affairs from Australian National University.
