Jupitermedia Changes Name to WebMediaBrands
Jupitermedia is changing its name to "WebMediaBrands Inc." The announcement comes along with the official sale of Jupiterimages to Getty Images for $96 million in cash.
The company says, "WebMediaBrands will continue to operate the BtoB online communities that were not sold to Getty Images. These communities are comprised of Internet.com for IT managers and Web developers; Mediabistro.com for media, publishing and communications professionals; and Graphics.com for design and creative professionals. These three communities have a combined 22 million unique visitors and 70 million page views."
Starting February 24, WebMediaBrands will be known byt he NASDAQ symbol WEBM. Both the name change and the sale of Jupiterimages have been approved by stockholders.
On a related note, Jupitermedia has also terminated its Credit Agreement with KeyBank National Association (KeyBank) and applied approximately $82 million of the proceeds from the Sale to repay all outstanding debt.