Citizen-journalism site gets $11 million investment

Korea’s OhMyNews has received an $11-million investment from Tokyo-based Softbank in exchange for 12.95 percent of
OhmyNews’
outstanding shares, according to Red Herring.

Six-year-old OhMyNews "will
use the
investment to launch a Japanese news site, the first ‘stepping stone’ of
the
soon-to-be-formed OhMyNews International." Almost 40,000 citizen
reporters write for – and are paid by – OhMyNews.

The success in Korea stands in contrast to the US, where the high-profile San Francisco project, Bayosphere, has been labeled a failure.

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