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$40 Million Pay Day For HotOrNot

By: Errol Mars

Dating site HotOrNot, founded by James Hong and Jim Young in October 2000, has been acquired by Canadian company Avid Life Media for a reported $20 million dollars.

The Hot Or Not story is a pretty simple one, two friends built a site where you can upload your picture and have others rate weather you are hot are not based on a rating scale of 1 to 10.

The site is reported to be generating 5 million a year in revenue, and earning $2-3 million in clear profit every year for it's two founders. Hong and Young created and grew the site without taking any outside funding. They are reported to have taken $20 million out of the company over the years.

Silicon Valley blog TechCrunch reported the sale yesterday, quoting a $20 million selling price.

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