News
Jupitermedia finalizes sale of Jupiterimages to Getty Images and changes name to WebMediaBrands
Last October, Jupitermedia Corporation (NASDAQ: JUPM) announced that it had reached a deal to sell its JupiterImages division for $96 million to Getty Images. The company has today announced that it has completed the sale. In connection with the Sale, Jupitermedia terminated its Credit Agreement with KeyBank National Association ("KeyBank") and applied approximately $82 million of the proceeds from the Sale to repay all outstanding indebtedness. Jupitermedia’s existing interest rate swap arrangement with KeyBank will remain outstanding.
In addition, Jupitermedia, which has exited to stock photography business entirel has announced that it will change its name to “WebMediaBrands Inc.” and its NASDAQ symbol to WEBM, effective February 24, 2009. The sale of Jupiterimages to Getty Images and the name change were approved by Jupitermedia’s stockholders during a special meeting held on February 20, 2009.
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.
Web: www.jupitermedia.com - www.webmediabrands.com - www.gettyimages.com
Posted in: Getty Images, Jupiter Media, News, Stock Photo Companies
