RealTime IT News

Jupitermedia Buys Mediabistro.com

Mediabistro.com, which began as a social network with bare bones technology and grew to a profitable, must-visit site for media professionals, is being acquired by Jupitermedia , the parent company of this Web site, in a cash deal worth $23 million.

Jupitermedia said the deal includes $20 million in cash and a two year earn-out that could result in an additional $3 million in cash consideration. Funding for the deal was secured through the recently announced closing of a $115 million senior credit facility arranged by KeyBanc Capital Markets.

Laurel Touby started Mediabistro.com in 1999 as an online community for media professionals. The site's cocktail mixers for media and creative pros became a popular forum for job-seekers and media professionals to network. It has since grown to include job postings, educational courses, events, forums, original content and a premium subscription service.

In a statement, Alan Meckler, CEO of Jupitermedia said: "We are very excited to add Mediabistro and their community of members to Jupitermedia. Mediabistro.com is run by a top-notch team, led by founder Laurel Touby. This team has nurtured a very loyal following of media and creative professionals that relies on Mediabistro to find jobs, learn about the latest industry happenings and best practices, and bring them together at live community-driven events around the country."

The site will provide the JupiterOnlineMedia division with another diversified and fast growing revenue stream through its vertical online job board, Meckler added.

"The Mediabistro job board should benefit from the vast traffic generated from our online media and Jupiterimages properties. Furthermore, Mediabistro has a wide variety of original content and blogs, which will augment our 150 original content sites. And, Mediabistro events mesh nicely with Jupitermedia's growing trade show and Webinar operations."

In a note on the Mediabistro.com site today, Touby wrote: "Today is probably the happiest day of my life. (Okay, second happiest. Getting married to Jon was pretty excellent.) When I put up my first web site in 1996 -- or was it 1997? the records are gone -- it was a humble little directory on someone else's web site. Not even a site of its own. There was no hope of a business plan, much less a profitable business. The entire reason for its existence was to help media people, myself included, meet up, hook up and share resources with one another -- a social network with bare bones technology."

Some ten years later, she added, the site boasts "the largest community of media pros -- from magazine editors to TV news anchors to marketing people to ad agency execs -- reading our daily news, flashing onto our blogs, posting job ads, replying to job ads, attending seminars and events and generally making merry with mediabistro.com's many offerings."