Media

Geeknet may sell Slashdot, SourceForge, and Freecode

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Geeknet announced today that it is considering selling off some of its iconic tech properties, including software sites SourceForge and Freecode as well as curated technology news site Slashdot.

The company’s board of directors said it’s reassessing its media business initiatives in an effort to make Geeknet’s stock more valuable. The announcement also comes a week after the company reported losing money for the first quarter of 2012 with a net loss of $2.1 million.

Geeknet’s properties, which also include retail site ThinkGeek, took in 46 million unique visitors in March — meaning it doesn’t fail to gain traction with its main audience.

That said, it’s a bit baffling to think about the logic behind Geeknet selling Slashdot, especially considering all the spin-off sites it launched recently. Last month it debuted business intelligence-focused site SlashBI, followed by yesterday’s launch of its cloud-focused SlashCloud site for IT professionals. The company has also recently beefed up the main Slashdot site as well, with a new video game section as well as video channel Slashdot TV.

“We are focusing more investment in GeekLabs to deliver more unique and innovative products in ThinkGeek and our Media team has launched a number of new initiatives designed to improve traffic, monetization, and international revenue as the year progresses,” said Geeknet chief executive Ken Langone in the announcement. “Our primary objectives are unchanged, and we remain focused on delivering growth in revenue, profits, and cash from operations in 2012.”

To assist with its strategic view of these properties, Geeknet has retained DeSilva+Phillips Corporate Finance as a financial adviser. The review may not result in a sale, the company points out. However, it’s apparent by the release that if the price is right, they will end up selling.