Hearst to Acquire Social Shopping Site Kaboodle

Newspaper and magazine giant Hearst Corp. has agreed to acquire social shopping site Kaboodle. It will fit into the Hearst Interactive Media and Hearst Magazines Digital Media units.

"Kaboodle is a natural overlap for Hearst Magazines," Cathleen P. Black, president of Hearst Magazines, said in a statement. "We think Kaboodle has terrific potential for many of our brands, especially in the fashion, beauty and consumer technology categories. Our readers will be able to find the products featured in our magazines, shop electronically with their friends and get their feedback. It's another means for making sure our readers stay engaged in today's saturated media landscape."

Kaboodle combines shopping search with social media, with several sharing tools added last year. It connects people with similar tastes, and lets users create and join groups. Kaboodle launched its public beta in 2006 and reportedly has more than 2 million unique monthly visitors.