TechStars, the popular accelerator program, is now accepting applications for its spring 2013 program in New York City; the program will be headed for now by Interim Managing Director Nicole Glaros, who has run five TechStars programs since 2009. In Glaros’s absence, the organization has promoted Luke Beatty, a mentor to its Boulder-based TechStars program, to managing director. Beatty was formerly VP of Communities and Local at Yahoo after his company, Associated Content, was acquired by Yahoo in 2010.

Warren Lee, a venture partner with Canaan Partners, this week is doing the portfolio board two-step. He’s moving off the board of Associated Content, due to its acquisition by Yahoo, and moved onto the board of Bit.tv, following Canaan’s role as lead investor on a new $10.1 million funding round.

I spent a few minutes on the phone with Lee yesterday, just after he touched down at SFO. Here’s an edited transcript:

Why sell Associated Content now?

Canaan’s been an investor in the company for three years, and people have constantly been talking about wanting to acquire it. It was kind of annoying — in a good way — and we kept having to fend people off.

The company continued to grow and some of us wanted to keep building it as a stand-alone, but we decided to take a look at the bunch of strategic acquirers who were buzzing around…

Yahoo’s financial offer was attractive to both employees and investors. Probably just as important was that we wanted the company to go to a place where it would be well taken care of.

You win some, you lose some. The question is how many Tim Armstrong is willing to lose before saying sayonara to AOL.

Yahoo today will announce that it has acquired VC-backed “open content” platform Associated Content for what reports are pegging at around $100 million. It had raised $21 million from Armstrong, Softbank Capital and Canaan Partners.

Associated Content, which pays an enormous army freelancers to generate search-engine optimized content on the cheap, has held talks with various acquirers for years — including with Armstrong on behalf of AOL. But, according to Silicon Alley Insider, in which Armstrong is also an investor, he was shut down by Time Warner when talk of buying Associated Content picked up late last year.

Yahoo has acquired Associated Content, a Denver-based online publishing company focused on both professional and user-generated content. AdAge first reported the deal with a $100 million cash pricetag, while Kara Swisher followed up at $90 million. Associated Content had raised just over $21million in VC funding from Canaan Partners and Softbank Capital. Angel backers included Ron [...]

Every now and then I come across a funding announcement for a VC-backed company that reminds me of the late 1990s, when dot-coms all over the place were getting greased up with venture bucks and grinning with the promise of giving power to the people. Associated Content, which some might call a citizen journalism company, [...]

Associated Content, a Denver-based online publishing company focused on both professional and user-generated content, has raised $6 million in Series C funding. Return backers include Canaan Partners, Softbank Capital and Tim Armstrong. It had previously raised $15.4 million.