CNN, which is owned by Time Warner, is said to be on the verge of buying social media blog, Mashable, for a staggering $200 million according to Felix Salmon, who writes for Reuters.
Salmon, who is currently at SXSW, quotes an unnamed source who confirmed that the deal will be announced on Tuesday by CNN and will make of his Scottish founder, Pete Cashmore, a very rich man indeed.
The site is less than seven years old and has more than 50 million monthly page views with 20 million monthly unique visitors and four million social media followers (with two thirds following Pete Cashmore).
Should the rumour be true, Mashable will be worth around eight times the price of Techcrunch which sold for $25 million back in September 2010 but would still be short of Huffington Post's acquisition price of $315 million. Both news websites were bought by AOL.
Latest figures web analytics firm, Alexa, shows that traffic on Mashable has dipped over the last four weeks but the site is still ahead of Techcrunch and Businessinsider. Last year, CNN purchased Zite, an iPad news aggreator in a deal worth up to $25 million.