Jupitermedia Announces Completion of Sale of Jupiterimages to Getty
Images and Change of Jupitermedia Name to WebMediaBrands
DARIEN, Conn.--(BUSINESS WIRE)--Jupitermedia Corporation (“Jupitermedia”) (NASDAQ: JUPM) announced today
that it has completed the previously announced sale of Jupiterimages
Corporation (“Jupiterimages”), a wholly-owned subsidiary of
Jupitermedia, to Getty Images, Inc. (“Getty Images”) for $96 million in
cash, subject to certain post-closing adjustments (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 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.
All current Jupitermedia and WebMediaBrands Inc. press releases can be
found online at www.jupitermedia.com/corporate/press.html.
For information on Jupitermedia Corporation/WebMediaBrands Inc.:
Adrian
Maynard, 212-389-2005
Director of Marketing
press@jupitermedia.com
or press@webmediabrands.com
or
For
information on Jupiterimages or Getty Images:
Bridget Russel,
206-925-6405
Senior Director, Corporate Communications
bridget.russel@gettyimages.com
or
Alison
Crombie, +44 (0) 207 424 8081
Senior Director, Public Relations
alison.crombie@gettyimages.com
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