Montgomery & Co. ran the bidding process (Viacom was also reportedly wrangling for the bubbly, female-focused newsletter). DailyCandy was snapped up for about $3 million in 2003 by Pilot Group Ventures.
Bob Pittman, head of Pilot Group Ventures, sent out a congratulatory missive to the newsletter’s staff that reads in part:
“I have been associated with the start-up, turnaround or acceleration of many companies and major brands, and rarely have I seen the kind of creativity, commitment and passion I’ve seen day in and day out at DailyCandy. And the results speak for themselves: since we made our investment in 2003, subscriptions have grown from just over 200,000 to over 2.5 million.”