News Limited has sold its seven year old shopping comparison site Getprice.com to the management team.
Among those participating in the purchase are chief executive Chris Hitchen and chief operating officer Jared Oken.
No price has been disclosed.
Hitchen said in a statement: “We are delighted that News has accepted our offer. Being independent and having control of our own destiny is an exciting prospect – we have big plans for the next chapters of Getprice’s history.
“We will always be extremely grateful to News for its investment, support and guidance over the years. It’s been a lot of fun, but it’s time for us to spread our wings as an independent business again.”
News Limited’s chief financial officer Stephen Rue said: “While we will be sorry to see them go, we recognise this is the best next step for them in the growth of their business.
News Limited gradually bought Getprice in a series of deals between 2007 and 2010. Mumbrella understands that News Limited decided to make the sale to the company after the management team proposed it. The suggestion came as News Limited’s management team led by Kim Williams was focusing on its own new strategy of which Getprice was not a key part.
Hitchen will step down from his role as News Limited’s executive director of local and commerce.