Now that Revver has been sold to LiveUniverse, and LiveVideo has been officially launched, what’s the future for Revver’s business model? After all, it was just a few months ago that Revver revealed they’d paid $1 million to content creators since opening their doors to the public.

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Troubled video site Revver was bought by Brad Greenspan’s LiveUniverse last night for a price “many multiples more” than the $500,000 to $1.5 million reported recently, according to a source close to the deal. Our source would not disclose the selling price, but said “I wouldn’t say anyone got rich, but everybody was happy.” Revver had raised $12.7 million from Comcast, Turner, Draper Fisher Jurvetson, Bessemer Venture Partners, Draper Richards and William Randolph Hearst III. The Revver team will continue working under the new ownership.

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