The Lance Armstrong Foundation is lending its LiveStrong brand to a new, for-profit social-networking website that will launch later this year.
The Internet venture is being put together by former MySpace.com chairman Richard Rosenblatt and his company Demand Media.
The Austin American-Statesman says both will benefit from the deal. Demand Media will get all the advertising revenue from the website — www.LiveStrong.com, but the non-profit cancer foundation and Lance Armstrong get equity stakes in the private company.
Demand Media also will provide $8 million to $10 million in support to the Lance Armstrong Foundation website. Much of the support will come in the form of social networking tools to help cancer victims and their families share their stories with each other.
I'd expect the for-profit site to become very popular, but I'm more intrigued by the foundation website expanding its social-networking. It will provide a huge benefit for cancer patients and the families to share stories and compare notes.
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