December 16, 2005
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Web Startup HowStuffWorks, which provides product information for Web users, on Thursday said financier Carl Icahn made a "significant investment" in the company to help fund its growth.
By Reuters
Web Startup HowStuffWorks, which provides product information for Web users, on Thursday said financier Carl Icahn made a "significant investment" in the company to help fund its growth.
Entrepreneur Jeff Arnold, chief executive of the Atlanta-based company, didn't disclose the size of Icahn's investment, but in an interview said it amounts to "tens of millions" of dollars.
Arnold, who founded medical information site WebMD, also announced that HowStuffWorks has become the exclusive online publisher of both Consumer Guide, a for-profit publisher of product reviews, and the Mobil Travel Guide.
In addition, the company formed an alliance with Publications International, a publisher of mass market books and guides for home improvement, cooking, gardening and many other subjects to add to the HowStuffWorks content range.
HowStuffWorks.com purports to provide objective product review information on consumer products but is supported by advertisers. Arnold declined to disclose revenue for HowStuffWorks, which is owned by his firm, the privately held Convex Group.
Icahn is not widely known for venture investing, but has an interest in Web content as evidenced by his activist campaign in Time Warner, a company he claims has fumbled its Web strategy with America Online.
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