ReadBurner Acquired by Mashable Editor-in-Chief

Mashable editor-in-chief Adam Ostrow has acquired ReadBurner today. ReadBurner displays the most shared items in Google Reader and generated a good bit of buzz on the initial launch. I couldn’t get Ostrow to give up the acquisition price but my sources say it was lower than the $850 million AOL paid for Bebo yesterday.

Ostrow is being joined on the new ReadBurner team by Drew Olanoff and Eric Kerr. ReadBurner founder Alex Marktl will remain on the extended team and will help out when time allows.

Their first job Ostrow says is to get the service back online and improve performance and scalability. He expects to be back up and running in a couple of weeks. How they will generate revenue is anyone’s guess but here’s hoping the new management loses the Web 2.0 reflection.