Hyves sold to TMG (Telegraaf Media Groep)

Hyves sold to TMG (Telegraaf Media Groep)

Only three days ago we wrote about the Leading Dutch Social Network, Hyves, when it announced it would launch a Mobile Network offering “Free calls to Your Friends“. Today Hyves announces it will sell 100% of their company to TMG (Telegraaf Media Groep) for an, as yet, undisclosed sum.

According to our sources Hyves is on schedule to do €20 million in revenue in 2010 with 140 full time employees. The company has received an early funding round in 2008 in which it raised several millions for 20% to 30%. After that funding round co-founder Raymond Spanjer hinted at international expansion plans. Those plans never materialized but Hyves did grow to become the dominant social network in The Netherlands with over 9 million registered members.

The new owner of Hyves has assured us that the new site will not change considerably and the current management team will stay active in growing the site even further. The TMG group contains dutch newspapers ‘De Telegraaf’ and ‘Sp!ts’, radio-stations ‘Sky Radio’ and ‘Veronica’ and is a shareholder in television networks ‘Net5’, ‘SBS’ and ‘Veronica’.

The combined reach of TMG and Hyves is 8,5 million Dutch people aged 13 and older. The new combination reaches 62% of all people in The Netherlands every month.

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