One Man Band

Old media co-opts new media, much to the delight of the new-media maven.

Howard Lindzon, founder of Wallstrip, yesterday announced that CBS has purchased the venture, a mash-up of financial news and pop culture. Under the headline You Can Make Money From Blogging!!!, Lindzon posts a history of the start-up:

I first pitched the idea to Fred Wilson at The Mercer Hotel last summer and he told the Gotham Gal that we were going to do a web/stock market show. He was true to his word when I asked if he wanted to get involved. We had no host yet.

I put together a loose two pager and sent to Adam Elend . I met him through the blogosphere. Adam and his partner Jeff Marks had style and we hit it off. They believed, at least in my ability to raise some capital . They get to really shine at CBS as they work on more verticals. Congrats.

Click through to read his entire breathless and ecstatic summary.

The story, apparently first broken by Manhattan gossip site Jossip, has already flashed around the tech/geek blogsphere.

Techmeme.

TechCrunch, which reports a confirmeded price of $5 million on an unconfirmed investment of $600,000 and remains dubious of the deal’s fundamentals from the viewpoint of CBS.

Mashable has a video announcing the deal.

Duncan Riley confirms his own earlier report (predating Jossip) of the sale.

NewTeeVee disputes the $5 million purchase price.

901am also disputes the $5 million price tag and posts an embedded video announcement.

GigaOm reports on the status of Wallstrip’s star Lindsay Campbell and producers Adam Elend and Jeff Marks: they become full-time employees of CBS News.

Digital Inspiration provides some context for the deal, relating it to RocketBoom, AOL and Joost. The take-away: [T]here is scope for monetization of video podcasts provided the content is produced in a professional manner and the delivery schedules are maintained.

Words to profit by on Web 2.0.