Updated: The social news site would be the cable news network's biggest purchase, but talks may not be as far along as initially reported
(Updated, 12:07 p.m. EST)
CNN is in talks to acquire social news site Mashable, according to various news reports.
Yet the prospects of an imminent deal may be more speculative than initial reports suggested.
An individual with knowledge of the companies told TheWrap that no announcement was planned at this time.
Likewise, TechCrunch reports that Mashable CEO Pete Cashmore denied to senior editors that a sale was about to take place.
If a sale does take place, it will costly. Reuters reports that Mashable may fetch $200 million.
"We do not engage in speculation about our business and we aren't commenting on those reports," a spokesperson for CNN told TheWrap.
A spokesperson for Mashable did not immediately respond to requests for comment. Acquiring Mashable would enhance CNN’s new media presence and could broaden the news networks already sizable web traffic.
Melding old and new media does pose cultural and commercial risks and would represent the cable news network’s biggest purchase to date.
Founded by wunderkind Cashmore in 2005 at age 19, Mashable has grown to become one of the most popular sources of technology information on the web.
It reportedly commands 20 million readers a month and hosts a popular invitation-only conference called Mashable Connect.
CNN has routinely lost ground to Fox News in television ratings and has MSNBC nipping at its heels. But the network's website commands millions of people a day and is among the most read in the world.
Bringing Mashable into the fold could help build CNN into a dominant digital presence.
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