$tereogum: So How Much Money We Talking Here?

Oct 30th, 2006 // 10 Comments

More $tereogum news over the weekend, this time focusing on how site founder Scott Lapatine’s former boss, Triple H Media head Jason Hirschhorn, helped hook him up with Pilot Group’s deep-pocketed investor Bob Pittman:

According to one source, Pittman told Hirschhorn to bring him investment ideas. So when Lapatine reached out to Hirschhorn, his former boss at VH1, for advice on how to expand Stereogum, Hirschhorn brought him directly to Pittman.

Armed with new money from both Pittman and Hirschhorn, Stereogum, already singled out by everyone from Entertainment Weekly to The Wall Street Journal as one of the best music resources on the Web, plans to add more writers and go “deeper and narrower” with its indy-rock music coverage. Lapatine will retain creative control and an equity stake in Stereogum, with Pittman and Hirschhorn taking what the source described as more than minority positions.

Thank God! We were worried there wasn’t enough Indy-rock coverage on the web. What we really want to know, though, is how much scratch Lapatine is getting out of the deal: Are we talking Perez Hilton money here? We’re guessing he’s sitting pretty, judging by the emails we received about how Lapatine was celebrating his new arrangement over the weekend at the Nobu in Dubai, where he wore a platinum-tricked “S.U.F.J.A.N.” necklace and drunkenly bragged to the waitress about how he had just “bought” three Fleetwood Mac members. Anyone know the financial particulars?

And does this have anything to do with why the site is down this morning? It’s back. Apparently Mick Fleetwood rolled off the couch and started playing with Scott’s laptop this morning.

MTV GURU HIRSCHHORN TAKES STAKE IN STEREOGUM [NY Post]
Earlier: Has Stereogum Been Bought For A Song?

idolator

  1. Ned Raggett

    Jared Leto is already calling in the hit.

  2. Catbirdseat

    Which reminds me, whoever dreamt up that whole Jared Leto Lawsuit thing for Stereogum is a marketing/publicity genius.

  3. mickeyprecious

    God bless you people. At first I thought that this story was going to be really boring (not that it’s badly written – just that I could care less about Stereogum et al), but then I saw (1) the Sufjan necklace gag, (2) “buying” Fleetwood Mac members” and (3) the “Indy Rock” thing. And my frown was – quite successfully – turned upside down!

  4. chaircrusher

    Inside Baseball Much?

    The whatever-it-is that Idolator has made it’s beat starts out insular and self-referential. If you spend too much time ruminating about who is buying into other blogs — especially when one is writing for a blog that is part of a new-media *air quotes* empire *air quotes* — you risk creating a black hole, with y’all trapped inside.

    Just you and a giant pile of promos from Emo bands, and no way to refresh your iPod from the Internets. Be afraid.

  5. GeddyLee

    Rumor has it, it’s $3 million. The financial benefits of rolling with Aziz Ansari is incredible. And if I had known this, I would have championed bad New York comedians all this time instead of making shitty science fiction-themed prog-rock albums.

    Congrats, Scott. Seriously. You give hope to people with computers every where.

  6. mreasy

    I heard $11 million!! Let’s see how much the indie rumor mill inflates it by the end of the day… How exactly is this a good investment again?

  7. shallowrewards

    Stereogum as Daily Indy to supplant P4K SHOCKA.

  8. Catbirdseat

    Scott was already doin’ pretty damn alright before all of this, wuddn’t he? I mean, Stereogum’s been commandin’ some primo ad prices for awhile now…

    Anybody ever found any Pitchfork-style open directories of ad rates on the Stereogum site or anything?

  9. MJ

    Indeed, everything from “Indy-rock” onwards is pure laugh-out-loud material. Nice piece of humor from that “black hole”, there.

  10. shallowrewards

    http://web.blogads.com/adspotgroups/mininetwork.2006-08-24

    The hi-rise is $2k, there’s a bunch of other spots…you do the math.

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