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Halsey Minor

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Halsey Minor
Minor in 2019
Born
Halsey McLean Minor Sr

1964 (age 59–60)
Charlottesville, Virginia, U.S.
OccupationEntrepreneur
Known forStarting CNET[1]

Halsey Minor (born 1964) is an American entrepreneur who founded CNET in 1993. He also founded or co-founded Live Planet, VideoCoin, Vivid Labs, Salesforce.com, Google Voice, OpenDNS, and Vignette.

Minor founded the venture capital firm Minor Ventures. In June 2013, he filed for bankruptcy but continued to be involved in the capital or management of some technology companies.

Career

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Early career

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Halsey Minor moved to New York City for his first job out of college working for Merrill Lynch as an investment banker. While there, he created a spinoff called Global Publishing Corporation, which focused on sharing information and training materials across Merrill's IT infrastructure.[2][3] This was followed by a project with coworker Jeff Bezos to develop software that would have provided custom news feeds based on each user's job description and interests. Merrill Lynch signed a three-year contract to fund the news feed project, then cancelled due to Merrill's poor financial results. Afterwards, Minor spent a year doing consulting work for EastWest Network, which published magazines typically found on airplanes. He was working on a startup idea using satellites to distribute training content at corporations, before a friend offered him a job at a recruiting firm called Russ Reynolds Associates,[2] where he worked as an executive recruiter.[4]

CNET

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The idea for CNET was conceived by Halsey Minor in 1992.[5] Minor quit his job to start CNET that December[2] with cofounder and former classmate Shelby Bonnie.[6] Bonnie provided $25,000 in seed funding[3] and Minor obtained some other funding through friends and family members.[5]

Initially, Minor was not able to get any deals with broadcasters to license CNET's TV shows on technology. By 1994, CNET was not able to make payroll. However, that year Minor convinced Microsoft cofounder Paul Allen to invest $5 million for a 20% interest in the company.[2][3] Also, USA Network bought the rights to CNET's TV show "Central TV."[2]

Minor bought domains like news.com, tv.com, search.com, shopper.com, and download.com.[6][5] Over time, he focused more on CNET as an internet publication, rather than a broadcast business,[6][7] culminating in the launch of CNET.com in June 1995.[5] CNET.com would later become what CNET is best-known for and one of the most highly-trafficked websites on the internet.[8] Minor and CNET also helped create the Internet Advertising Bureau (now known as the Interactive Advertising Bureau) and influenced the development of the online publishing industry.[9] In July 1996, Minor took CNET public.[5]

In 1997, Minor started a search engine called Snap.com[6] with $25 million in funding and 150 employees from CNET. The decision to create a search engine was "universally booed" and caused CNET's stock to decline.[5][7] However, two years later Minor sold a 60% interest in Snap to NBC for $500 million.[6][7] Similarly, investors widely criticized Minor in 1999, when he increased marketing spending from $400,000 to $100 million. However, in hindsight the campaign was later believed to have dramatically increased website traffic and recognition of the CNET brand.[10]

Minor also sold some of CNET's technology rights to a company called Vignette,[11] and he was earning revenue from CNET's advertising sales as the website grew in popularity.[6] CNET joined the NASDAQ 100[6] and held interests in Vignette, Beyond.com, and others.[5] By 1997, Minor's estimated net worth was $180.2 million.[6] By 2000, his 11 percent interest in CNET alone was worth $495 million.[7]

In March 2000, Minor retired from his CEO position.[6] Minor remained on the CNET board as Chairman, while cofounder Shelby Bonnie took over as CEO.[7]

Post CNET

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According to Minor, he left CNET to focus on expanding Salesforce.com, where he was the second-largest shareholder when the company went public.[11] Minor was a co-founder of the company and had made an early investment of $19.5 million from his personal wealth in 1999.[9][12] He was also an early investor in Rhapsody.[13]

Minor started a venture capital firm called 12 Entrepreneuring in February 2000, but it quickly dissolved due to internal discord and the decline of the tech-sector after the dot-com bubble.[14][15] He created another venture capital firm focused on software-as-a-service companies in 2004,[16] called Minor Ventures.[17] Minor Ventures did well and invested in Grand Central Communications, which was sold to Google in 2007 for $65 million and later became Google Voice.[11][9][18] It installed OpenDNS at its San Francisco office, providing coaching, investments, and administrative support to get the company started.[19]

Bankruptcy

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Minor said he wanted to focus more on philanthropy and venture capitalism, rather than being a CEO.[17] He eventually lost his wealth on real-estate, horse-breeding, legal disputes, and artwork,[11][20][18] culminating in a bankruptcy filing in June 2013.[21] Business Insider depicted the decline in Minor's wealth as "most likely due to his expensive taste in real estate, art, and horses."[18] The Washington Post said it was a "post-divorce spending spree."[22] Minor said it was a mix of the overall recession and banking crisis, as well as being depressed after his divorce and his father's suicide.[9]

In 2007, Minor bought the historic Carter's Grove estate from the Colonial Williamsburg Foundation, which he planned to use as a retreat and for horse-breeding.[17] However, Minor never lived at the estate and the vacant 18th century mansion began to fall into disrepair. After he filed for personal bankruptcy in 2013 the property was sold at auction. The Colonial Williamsburg Foundation submitted the only bid at the auction held on May 21, 2014, for the outstanding mortgage amount, and announced that it planned to resell it, with a price increased because of significant costs related to the sale, including over $600,000 in necessary repairs.[23] Around the same time, Minor planned to build a $31 million luxury hotel in his hometown of Charlottesville, Virginia.[22] A dispute formed between Minor and the bank he said was going to provide financing.[6] The project was abandoned in 2009.[24] He also invested in substantial real property assets that declined in value during the housing crisis.[6][18]

Minor was involved in a series of legal disputes with Christie's and Sotheby's regarding art purchases.[25] A jury awarded $8.57 million to Halsey from Christie's for keeping Halsey’s paintings when the paintings did not sell, despite promising to return them. Minor was required to pay for paintings he bid on but did not pay for. Sotheby’s filed suit for $16.8 million in unpaid debt for paintings Halsey bought. Halsey counter-sued saying that Sotheby’s routinely sold artwork without fully disclosing the paintings were still collateral for the prior owner’s loans.[26] On May 24, 2010, Minor was ordered to pay the $6.6 million-plus he owed Sotheby's for backing out on his winning bids for three paintings.[27]

When Minor declared bankruptcy, he owed $100 million and had only $50 million in remaining assets.[18][21]

Recent work

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In 2014, Minor founded and launched a bitcoin platform Bitreserve now called Uphold, and a virtual reality company called Live Planet.[13][28] In 2017, he created VideoCoin, which uses idle data center servers to support streaming video.[12] In 2021, he founded the NFTs open platform Vivid Labs.[29]

References

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  1. ^ Veitch, Martin (August 24, 2015). "The rise, fall and rise again of CNET founder Halsey Minor". IDG. Retrieved April 25, 2019. It's still CNET that Minor is best known for.
  2. ^ a b c d e Reid, Robert (1997). Architects of the Web: 1,000 Days that Built the Future of Business. pp. 321-353. ISBN 9780471325734.
  3. ^ a b c Turner, Marcia (2001). "Halsey Minor". How to Think like the World's Greatest New Media Moguls. McGraw Hill. pp. 28. ISBN 9780071360692.
  4. ^ Nee, Eric (July 27, 1998). "Surf's Up". Forbes. p. 106.
  5. ^ a b c d e f g Serwer, Andrew; Key, Angela (June 21, 1999). "CNET: Revenge of the Preppies Southern blueblood Halsey Minor is trying to create a great online media company". Fortune. Retrieved April 27, 2019.
  6. ^ a b c d e f g h i j k Barnes, Lindsay (November 27, 2008). "Minor mishaps: He built an Internet giant, so why is Halsey hurting?". The Hook. Retrieved April 26, 2019.
  7. ^ a b c d e Fitzgerald, Kate (2000). "Halsey Minor". Advertising Age. Vol. 71. p. 46.
  8. ^ "Minor mogul". The Economist. August 7, 1997. Retrieved April 27, 2019.
  9. ^ a b c d Bryant, Martin (February 6, 2016). "The incredible story of CNET founder Halsey Minor". The Next Web. Retrieved April 27, 2019.
  10. ^ "How to Think Like the World's Greatest New Media Moguls". McGraw-Hill Companies. July 27, 2001 – via Internet Archive.
  11. ^ a b c d Veitch, Martin (August 24, 2015). "The rise, fall and rise again of CNET founder Halsey Minor". IDG. Retrieved April 25, 2019.
  12. ^ a b Popomaronis, Tom (April 1, 2018). "The Co-Founder of Salesforce is Taking His Talents to the Blockchain--Here's Why". Inc.com. Retrieved April 27, 2019.
  13. ^ a b Wolverton, Troy (September 12, 2016). "Web pioneer Halsey Minor bets on VR with Live Planet". The Mercury News. Retrieved April 27, 2019.
  14. ^ Turner, Marcia (2001). "Halsey Minor". How to Think like the World's Greatest New Media Moguls. McGraw Hill. pp. 37. ISBN 9780071360692.
  15. ^ Wilson, Lizette (December 14, 2001). "OneonOne: Halsey Minor at it once more". San Francisco Business Times. Vol. 16, no. 19.
  16. ^ Knorr, Eric (November 29, 2004). The End of IT as we Know it?. InfoWorld. Retrieved April 27, 2019.
  17. ^ a b c Flores, Chris (December 22, 2007). "New Owner of Carter's Grove". dailypress.com. Retrieved April 27, 2019.
  18. ^ a b c d e Bort, Julie (May 31, 2013). "5 Years After Selling CNET For $1.8 Billion, Halsey Minor Is Broke". Business Insider. Retrieved April 27, 2019.
  19. ^ "Startup offers free Internet security service". SFGate. 2008-07-05. Retrieved 2019-05-06.
  20. ^ Stone, Madeline (April 3, 2015). "A Versailles-inspired mansion owned by CNET's bankrupt founder gets its price chopped to $12.5 million". Business Insider. Retrieved April 27, 2019.
  21. ^ a b Garofoli, Joe (May 15, 2014). "Once wealthy, then bankrupt, Halsey Minor turns to bitcoin". SFGate.
  22. ^ a b Stevens, Elizabeth Lesly (May 31, 2012). "The sorry fate of a tech pioneer Halsey Minor and historic Virginia estate Carter's Grove" – via www.washingtonpost.com.
  23. ^ "Colonial Williamsburg to sell plantation anew"Virginia Lawyers Media June 2, 2014 p. 5
  24. ^ Stout, Nolan (March 28, 2019). "Councilors Bellamy, Signer will not seek re-election". The Daily Progress.
  25. ^ "The Art Market: sprint to the finish". Financial Times. June 14, 2013. Retrieved April 27, 2019.
  26. ^ "CNet founder Halsey Minor sues Sotheby's in auction dispute". October 1, 2008.
  27. ^ Golding, Bruce (2010-05-24). "'Net tycoon Minor told to pay $6.6M to Sotheby's". NYPOST.com. Retrieved May 30, 2013.
  28. ^ Captain, Sean (July 22, 2016). "Halsey Minor's Reality Lab Networks Unveils Streaming VR System, Live Planet". Fast Company. Retrieved April 27, 2019.
  29. ^ Biggs, John (2022-01-13). "Here's why CNET co-founder Halsey Minor is bullish on NFTs". TechCrunch. Retrieved 2024-06-25.
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