Lance Armstrong Sells Out
Wall Street Journal:
The charitable foundation launched by cycling legend and cancer survivor Lance Armstrong -- which four years ago ignited a fashion trend by selling yellow bracelets stamped with the "live strong" mantra -- is making another foray into the for-profit world.
The Lance Armstrong Foundation, which spends about $40 million a year on health programs and cancer research, is teaming up with Web-site operator Demand Media Inc. to launch a health-and-wellness Web site funded by advertising. The site, called "livestrong.com," is expected to go live this year.
As part of the deal, the Austin, Texas, foundation and Mr. Armstrong will take equity stakes in Demand Media, a Santa Monica, Calif., company run by former MySpace Inc. Chairman Richard Rosenblatt.