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CNN acquisition of Mashable is ’80 percent likely to close’ and in late stages

We reported back in March on CNN’s purported talks to acquire Mashable for $200 million. Now Business Insider has learned that the deal is 80 percent likely to close, although according to Venturebeat’s source, the buying price will likely not be as high as earlier reports had indicated.

Business Insider’s sources close to the Mashable deal have revealed that the technology blog has submitted an audit of its finances to Turner Broadcasting Systems (CNN is a division of Turner). They claim Mashable’s executives have been holding meetings to determine which of its departments would merge with CNN. Mashable’s editorial team is expected to remain, while its advertising and marketing department may be excised as a result of the deal.

While few details have been revealed on the deal and the cost of the acquisition, Digital Trends’ sources suggest the Mashable team will gain little from the acquisition. The majority of the equity, with the exception of a select few employees, is held by Pete Cashmore.

The technology blog has come a long way from its humble beginnings in Pete Cashmore’s Auberdeen, Scotland home in July 2005. It was the source for breaking technology news and commentary, and today has become an entertainment-focused hub for memes, viral videos and social-media news. The company has since grown fiscally, but the future of Mashable, as we’ve been led to believe, is in its plans to jump into Web TV as both curator of and creator of original content. Currently, its lineup of Web series includes “What’s Trending,” “60 Seconds of Social,” and “Venture Studio.” This is not surprising, as we’re witnessing the advent of online video and advertisers shifting their advertising portfolios from terrestrial television to Web TV.

While reports confirm that the CNN acquisition of Mashable is likely to close, the deal has not been finalized and could fall apart.