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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: American Spirit who wrote (75749)	8/7/2006 11:20:13 PM
From: stockman_scott	Read Replies (1) \| Respond to of 361834

Softbank Capital invests $5 million in Huffington Post today.reuters.com Mon Aug 7, 2006 8:19pm ET NEW YORK (Reuters) - The Huffington Post, an online news and blogging site run by political commentator Arianna Huffington, said on Monday that it has received a $5 million investment led by venture capital firm SoftBank Capital to help it expand. The investment marks the site's first round of venture capital funding. Alan Patricof's Greycroft Partners also invested in the latest round, the Huffington Post said in a statement. The Huffington Post, www.huffingtonpost.com, was launched with about $2.5 million raised from friends and family, Huffington said in an interview. It runs on advertising revenue, but Huffington said she wants to expand the site's offerings. "Advertising would not be sufficient for this expansion," she said. Plans include hiring staff to update the site 24 hours a day, and hiring in-house reporters as well as multimedia staff to do video reports, Huffington said. The investment is the latest sign of interest in online news operations as traditional media fight to hold on to their viewers, readers and advertising dollars amid blogs, Internet-only news and other free options. Huffington launched the Huffington Post site a little more than a year ago. She touted it as a place where celebrities, political figures and a varied list of invitees could post their musings -- often on political topics of the day -- alongside wire dispatches and other news reports. The site now contains blog entries from more than 750 contributors, including recent ones from playwright and film director David Mamet and actor Alec Baldwin. © Reuters 2006.