SurfStitch sell MagicSeaweed to Surfline
The SurfStitch firesale continued today with the administrators of the beleagured company annoucing that UK-based surf forecasting site MagicSeaweed has been sold.
It's the second SurfStitch asset in a week to be offloaded. Last week Stab magazine was sold back to its previous owners, Sam McIntosh and Tom Bird.
MagicSeaweed was acquired along with Stab Magazine on 22nd May 2015 for a combined total cash consideration of AUD$13.8 million and 4.8 million shares in SurfStitch.
The new buyers of MagicSeaweed are US-based surf forecasting site Surfline. It's unknown what Surfline paid, the administrators quoting a "cash consideration for the MagicSeaweed acquisition."
Quenton Olde, one of SurfStitch's administrators, said "the transaction ensures the continuity of the business and is a good outcome for MagicSeaweed business and its employees".
Though Surfline are US-based they have approximately 50 surf cameras in Europe plus a global wave model.
Whether they scrap MagicSeaweed and expand Surfline or retain both, the purchase greatly expands their European reach.
Comments
Wow, be interesting to see what SL do with MSW. Kinda opposition websites in a way, given SL boast their LOLA model is the best. If I was a MSW employee right now I'd be a little bit worried.
Off topic but always wondered why Swellnet didnt have any of the Americas covered? Does Surfline have exclusivity?
Always planned to, just no major need to deploy until there's a business model underpinning it.
not many west oz spots on MSW and their forecasting for indo is a bit off.
...and, MSW is being shut down.
Dear swellnet, please don't sell to surfline unless you can all retire. Then go for it.
MSW has a euro focus. If you want to go into overfroth, their forecasts are spot on.
Met one of their guys in Marokko many moons ago, seemed like a cool guy and was happy for him. Btw no right hand point breaks of note in Marokko, Move along.