Hearst Corporation will acquire Kaboodle, a leading social shopping community where consumers discover, recommend and share products. Kaboodle (www.kaboodle.com), which will become a wholly-owned subsidiary of Hearst, will be managed by both Hearst Interactive Media and Hearst Magazines Digital Media unit. With this acquisition, Hearst will gain one of the leading sites specializing in social shopping, a combination of online shopping and social networking. Kaboodle's social shopping community is changing the landscape of online shopping by connecting people with similar taste, and tying together the entire shopping process, from product discovery to purchase. Kaboodle launched its public beta in 2006 and already has more than 2 million unique monthly visitors.
"Kaboodle is a rapidly growing business in a distinctive and fascinating space," said Kenneth Bronfin, president, Hearst Interactive Media. "We are delighted to become a significant player in the social shopping space and believe that Kaboodle will bring to social shopping what MySpace has brought to social media. This acquisition will enable Kaboodle to further expand its content and service offerings while also significantly increasing its advertiser base. In two short years, Manish and his team have created a very attractive business."
