Waywire, a stagnant video sharing startup probably most famous for having the name Cory Booker attached to it, has been bought by another web video distributor, Magnify. To be fair, Booker got rid of his stake in the company back in September in the midst of his Senate run. That in itself came hot on the heels of news that the startup was for sale and the CNN head honcho Jeff Zucker's 15-year-old had somehow been handed an advisory role with the company—a move that raised considerable eyebrows.
It is unknown exactly how much Waywire sold for, even with investors like Eric Schmidt and Oprah Winfrey attached to it. Techcrunch reports that acquiring Waywire is Magnify's way of buying into the consumer video business:
According to a source familiar with the deal, Waywire has one thing that Magnify doesn’t right now — and that’s deals with a bunch of media companies. Acquiring Waywire will give Magnify instant access to a library of videos from companies like AOL, Yahoo, and MSNBC, which consumers would be able to curate, collect, and share.
The site has struggled with an identity crisis for a while. Whether magnify can turn it into a "consumer-facing video curation powerhouse" remains to be seen.