Steve Case was going to change healthcare forever. "Our mission is to revolutionize the health-care system," he said in an interview upon Revolution Health's debut in 2007. For those of us who have been around the healthcare block a few times, we usually roll our eyes when someone with no background jumps into the fray promising to "fix" everything that ails healthcare. Well it's over for Steve and he didn't quite overhaul the system. Late last week, Revolution Health announced its intention to merge with NY-based Waterfront Media, home to Everyday Health and multiple diet-related sites like the South Beach Diet and My Calorie Counter. The combined company will host 24 health and wellness sites and operate under the Waterfront umbrella with Benjamin Wolin, current Waterfront CEO, at the helm. Case will join the board.
The deal puts Waterfront in a solid position to compete with WebMD. According to comScore Media Metrix, Everyday Health was the second most popular health site in July 2008, with 14.7 million unique visitors and the Revolution Health sites came in third, with 11.3 million visitors. The NY Times valued the deal at $300 million.