“When starting Re/code, Swisher and Mossberg raised $10 million at a ~$28 million valuation from NBCUniversal and Windsor Media. A source who has viewed the startup's financials says Re/code was projected to generate $12 million this year, up from $10 million last year...

The Re/code acquisition was an all-stock transaction based on Vox's November valuation of $380 million. So, depending on how much you think Vox is really worth, Mossberg, Swisher, and their investors could stand to make a lot of money from the deal, or they could merely break even.

Multiple sources indicated that the value of the deal though, as it currently stands, was between $15 and $20 million, in addition to some stock incentives for Re/code's executives.”