Cyclist’s Foundation Strikes a Partnership for Profit
January 28, 2008 | Read Time: 1 minute
The charitable foundation created by Lance Armstrong, the cyclist and cancer survivor, has struck a partnership with Web-site operator Demand Media, a company in Santa Monica, Calif., to start Livestrong.com, a health and wellness Web site, reports The Wall Street Journal.
The new Web site, which will be supported by advertising, is expected to go live this year.
As part of the deal, the Lance Armstrong Foundation, in Austin, Texas, which spends about $40-million annually on health programs and cancer research, and Mr. Armstrong will take equity stakes in Demand Media, which was valued at nearly $1-billion by investors last year.
Demand is run by Richard Rosenblatt, the former chairman of MySpace. Though neither Demand Media nor the foundation would confirm the size of the equity stakes, Mr. Rosenblatt said they are “significant.”
