Media moguls Barry Diller and Scott Rudin will be joining forces to launch a new digital and print publishing venture, partnering with start-up the Atavist, reports the New York Times.
The new venture, Brightline, will publish both e-books and print books though it’s uncertain at this early stage how it will get print books into bookstores. IAC, the online conglomerate with fifty Web properties like Match.com and Ask.com as well as Newsweek/Daily Beast, will invest $20 million in Brightline and the Atavist as part of the deal.
Barry Diller, the chairman and chief executive of IAC, told the New York Times that IAC would lead the venture with “a lot of marketing money and investment.”
Diller and co. decided to enter the book business because it’s in “transition,” he said, and it was possible to capitalize on the opportunity that transition represented.
The Atavist has been a company in constant transition since its founding in 2011. It started publishing short-form content but eventually grew into a content management system software provider. It recently partnered with the TED Conference business to power its e-book efforts.
Read much more at the New York Times.