Providence Equity Partners bought 66% stake worth of $830 Million in Nextag

Wall street Journal: Last 2 years has recorded behemoth merger & acquisition in the Ecommerce industry particularly in CSEs market. CSEs market is experiencing a phenomenal growth from the last 2 years. As a result, lots of media & internet companies showing their interest in form of acquisitions in the CSEs market.
In the recent buyout, VC firm Providence Equity Partners had recently bought 66% stake in Nextag. Nextag business was reportedly valued at $1.2 billion out of which 66% buyout cost $830 million to Providence.

Providence Equity is an US venture capital firm which started business in 1990. Over its history, the firm has invested in more than 100 companies in the media and entertainment industries. Assets under management are about $9 billion. Providence Equity has typically made purchases of traditional media companies. Its move into the Internet business could either signal it no longer perceives that traditional media companies are worth taking private, that consumer Internet companies have greater appreciation potential or that the hidden details of this particular deal were just too good to pass up.

Nextag is an San Mateo, CA based privately held internet comparison shopping company operates other site in UK allows 11 million online shopper a month to find the best deal on products & services sold by web/online merchants.

Recent buyout:
Consumer Search sold to About.com
Nextag 66% stake sold to Providence Equity Partners
Price Runner sold to Value Click.