Internet.com Sold for $18 Million
WebMediaBrands (formerly JupiterMedia) has just announced that it is selling Internet.com for $18 million to QuinStreet Inc. QuinStreet calls itself the leader in online performance-based vertical marketing.
“We believe that this transaction will be beneficial to WebMediaBrands and its stockholders as it will significantly improve our balance sheet and at the same time allow us to focus on growing BtoB communities in the non-tech space,” said WebMediaBrands Chairman and CEO Alan Meckler in a statement.
From the release:
The Board of Directors of WebMediaBrands unanimously approved the transaction and resolved to recommend that WebMediaBrands’ stockholders approve the transaction. Completion of the transaction is subject to approval by WebMediaBrands’ stockholders and other customary closing conditions. In addition, Alan M. Meckler, WebMediaBrands’ Chairman and Chief Executive Officer, and certain other stockholders, who, with Mr. Meckler, collectively hold approximately 39.5% of WebMediaBrands’ outstanding stock, have entered into definitive support agreements with QuinStreet, Inc. to vote a total of 37% of WebMediaBrands’ outstanding stock in favor of the transaction. The transaction is not subject to a financing condition. WebMediaBrands expects the transaction to be free of taxes.
WebmediaBrands will continue operating its online business, which still includes sites like MediaBistro.com and Graphics.com, as well as job boards, online education offering, and tradeshows.