Why is this man smiling?

T.R.A.F.F.I.C. Conference co-founder and pioneer domain investor Rick Schwartz has just completed the sale of iReport.com to the Cable News Network for $750,000. As the contract was being finalized Schwartz was asked if he had any similar domains so he told CNN he also owned the hyphenated version, i-Report.com.

When the cable TV company expressed interest in getting that domain as well to protect their planned branding of iReport.com, Schwartz said he decided to give them that less desirable name at no charge rather than re-open negotiations and delay closing of the deal for iReport.com.

This deal gets the New Year off to a good start. A $750,000 deal would have ranked among the 12 largest sales of 2007. It is also encouraging to see a major end user like CNN recognize the key role a domain name can play as the platform for launching a new product or service.

Cybersquatting goes back to the founding of the Internet. There has been no shortage of folks who recognized the value of a smart title. Some instances required litigation. Some, negotiations.

Pretty good return on not a lot of work.