Financial terms of the deal, first reported by Keith Kelly, were not disclosed.
Patrick Phillips, an adjunct journalism professor at New York University, launched the site in 2000. Phillips will continue to operate the site.
Finkelstein and Guggenheim Partners led the $70 million purchase of Adweek, Billboard and the Hollywood Reporter.
Phillips told TheWrap in 2009 ("Seller Beware: Finkelstein Courted, Dumped IWantMedia") that Finkelstein "took him to dinner and drinks for the better part of 2008" and discussed expanding his site, and buying it. They got as far as signing a nondisclosure agreement and discussing a price.
But Finkelstein got involved in the THR deal and "all of a sudden, I stopped hearing from him," Phillips said.