Apple to Acquire Color Engineering Staff

Ken Yeung and the usually reliable Matthew Panzarino, in an eyebrow-raising report last night for The Next Web:

Color Labs, the photo-and-video-sharing social network that received much criticism over its pre-launch $41 million funding round, is about to be acquired by Apple. We’ve heard through trusted sources that the startup was nabbed for a price that is in the “high double digits”, as in millions, and that the deal is “done”, though papers have yet to be signed.

Liz Gannes and John Paczkowski, reporting today for AllThingsD:

What’s really happening is that Color’s engineering team — about 20 people, comprising almost the entire company — is being “acqhired” by Apple at what’s being called a “nominal” price of something like $2 million to $5 million, according to multiple sources familiar with both sides of the situation. To repeat, there are no “double-digit” millions involved, according to many people familiar with the deal.

Apple is not buying Color’s technology, intellectual property, domain names or liabilities.

Looks like Panzarino and Yeung were taken to the cleaners by their “trusted sources”.

★ Thursday, 18 October 2012