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Chicago-based Start-up EveryBlock.com Acquired by MSNBC.com

  • Client: EveryBlock LLC
  • Date: August 2009
  • Location: Chicago, Illinois

Summary:

Schiff Hardin attorneys counseled the on-line news start-up EveryBlock LLC (http://www.everyblock.com/) in its acquisition by MSNBC.com.

Founded in 2007 with a two-year grant from the John S. and James L. Knight Foundation, EveryBlock LLC develops technologies that scour the Web for local news and publicly available records and information, and organize it geographically for users, down to a city-block level. EveryBlock.com currently gathers data for 15 major metropolitan areas in the United States.

In preparation for its grant coming to an end, EveryBlock needed to find a new funding source to continue to build its site and develop its underlying technology. The founders turned to Schiff Hardin's Private Companies group for assistance. Our attorneys evaluated potential private equity investment and acquisition opportunities, and counseled the client regarding corporate and tax structuring issues. They also advised the company on its intellectual property rights and open source code, and the still-evolving copyright issues in the field of on-line journalism. Ultimately EveryBlock agreed to be acquired by MSNBC.com, with Schiff Hardin handling the negotiations and successful closing of the transaction.

The deal provides EveryBlock.com with solid financial backing and a far-reaching strategic platform upon which the founders can continue to expand the site's growth and innovation.
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