Digg Acquired by Betaworks

Digg has sold its brand and its Web site to the New York-based technology company Betaworks. The deal closes the final chapter on the story of Digg’s meteoric rise and ultimate decline.

In a blog post announcing the deal, Betaworks — which makes the popular app News.me — said it will be returning the company to its roots.

“We are turning Digg back into a startup,” read a post on Betaworks’ company blog. “Low budget, small team, fast cycles.”

Thursday’s post from Betaworks indicated that Digg’s core assets will be merged with News.me, meaning that the service will see a rebirth as a news discovery and sharing site. The company had most recently been focusing on the advertising side of social news with Digg Ads, which gave users the opportunity to promote or demote ads based on their relevance.

A report from the Wall Street Journal said that Digg’s final price was $500,000, though Digg chief executive Matt Williams told All Things Digital that the real figure is “significantly larger.” Google had reportedly been courting Digg.

According to the All Things D report, Digg still gets more than 16 million unique visitors per month, while its Facebook app has nearly one million monthly active users.

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