Endemol takes 50% stake in Holy Moly

Former Big Brother producer makes 'significant' investment in celebrity gossip websiteThe former Big Brother producer Endemol UK has bought a 50% stake in Holy Moly, in a deal under which the identity of the celebrity gossip website's founder has been formally unveiled for the first time.The nine-year-old site will expand into new areas including TV, music, film and fashion as a result of Endemol's "significant" investment. It will continue to be overseen by its founder, Jamie East ? previously better known only as "Mr Holy Moly" ? who will also look to launch the site into new markets overseas.East ? son of the former Sky Sports and Setanta executive Trevor East ? was previously the sole shareholder in Holy Moly, having bought back a stake he sold to Perform, the digital media company, in 2008. He said that he was keen to move on from a purely celebrity-driven site to cover "all kinds of pop culture stuff that we don't do at the moment"."It needs investment to keep growing ? there is not much point in just standing still," East said. "The celebrity market is pretty stagnant and is not about to get any better. Celebrity will still be the focal point of the site, but with social networks such as Twitter I don't think there is going to be a life for a website that just deals in celebrity gossip for much longer."Holy Moly, which employs six people full-time, will move out of its existing offices in Charlotte Street, in central London, into Endemol's head office in Shepherd's Bush.Tim Hincks, Endemol UK's chief executive, said that Holy Moly was a "brilliant success story in online entertainment" and described East as an "inspired creative talent, who we are tremendously excited to be working with".Neither side would reveal the value of the deal beyond East's description of the investment as "significant".A former singer with a band called the Beekeepers and ex-head of operations for Sky's broadband and mobile division, East set up Holy Moly in 2002 as a rival to another UK-based celebrity gossip site, Popbitch, while still employed by the satellite broadcaster. He quit to go it alone three years later.Of his decision to end his anonymity ? after he appeared on TV shows with his identity obscured, sometimes wearing a balaclava ? he said: "I'm 37 now and it's tiring and a bit embarrassing to put a balaclava on at this stage."It puts people at ease when they deal with us ? they can rest assured we are not going to try to squirt water in their face."It feels like the right time. Holy Moly is not as risky as it once was ? I don't think I am going to lose my house every time we publish a story ? and I'm also really proud of it. I've always been proud of it."EndemolDigital mediaMedia businessInternetCelebrityJohn Plunkettguardian.co.uk © Guardian News & Media Limited 2011 | Use of this content is subject to our Terms & Conditions | More FeedsBritney Spears U2 Sandra Bullock Johnny Depp Madonna