David Elstein, former Channel 5 boss, is joining Silicon.com as non-exec chairman, The Sunday Times reports.

"The company has shifted gear (and) gone beyond start-up stage, so we will be looking to develop and international business and media strategy that will turn it into an established business," he told the paper.

Silicon operates an IT news service - well established in the UK, and in start-up mode in Germany and France. It's backed by an enormous number of investment banks and VC houses, who appear to be waiting very patiently for a return on their money.

The company had planned to IPO last year, and then again this year - but it's staving off until sentiment picks up.