The New York Times has purchased five-year-old product recommendation service The Wirecutter and its sister site The Sweethome.
“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,” CEO of The New York Times Company Mark Thompson said.
The acquisition was an all-cash transaction that closed on Monday. Recode reported that the deal is for more than $30 million.
Former Gawker editor Brian Lam founded The Wirecutter in 2011. Lam self-funded The Wirecutter’s growth and has built the site that offers recommendations for electronics and other gadgets into a major player in the tech community.
Thompson added: “The New York Times is the definitive source for news, information and entertainment and now we’re working on becoming an authoritative destination for service journalism, with verticals like Cooking, Watching and Well. The practical approach that The Wirecutter and The Sweethome take to product recommendations embodies the same standards and values that are the pillars of our own newsroom. Their service-focused guides align with our commitment to creating products that are an indispensable part of our readers’s lives.”
Lam will stay on in an advisory role, while Jacqui Cheng, editor-in-chief, and Christopher Mascari, product director, will remain in those roles. Ben French, vice president of NYT Beta, will serve as interim general manager and will work to integrate The Wirecutter and The Sweethome into The Times Company.
“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.