Domain name speculation pays off…
Silicon Alley Insider’s Michael Learmonth writes about CNN forking over $750,000 for the domain names ireport.com and i-report.com.
CNN just made self-styled “Domain King” Rick Schwartz a happy man. The network paid $750,000 to acquire urls ireport.com and i-report.com from Schwartz, who told SAI he paid “$70 or $100″ to register the domains back in 1997. We are in the wrong business!
The deal was negotiated last year but closed in the last few days. Domain Name Journal said had it gotten done last month, it would have ranked among the 12 biggest domain transfers of 2007. Schwartz said threw in close variant i-report.com as a freebee upon closing the deal.
Update: After getting something of an education on the term cybersquatting, I’ve decided that the definition doesn’t apply in this case and have changed the title to a more accurate version.
