Media Startup With Fil-Am Co-Founder Sells for Up to $50M

Elite Daily's co-founder and COO Jonathon Francis (Source: twitter.com)

UK's Daily Mail just acquired the media startup Elite Daily for $40 million to $50 million in cash, according to multiple sources familiar with the deal, reports BusinessInsider.com. It was founded in February 2012 and initially bootstrapped by David Arabov, 24, Filipino-American Jonathon Francis, 29, and friend Gerard Adams. Arabov and Francis were undergraduates at Pace University at the time, and they pooled together $60,000 to create The Huffington Post for millennials.