YouthStream Secures $25 Million Investment
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Young adult market company YouthStream Media Networks, also known as Network Event Theater, said it has completed a $25 million private placement.
The shares were purchased by J. & W. Seligman & Co. Inc. Allen & Company Inc. acted as the placement agent in the transaction.
Seligman purchased approximately 1.2 million shares of common stock at a price of $20.50 per share. YouthStream said it expects to use the proceeds to expand its current business, including its recently launched Web site, mybytes.com, and for acquisitions.
The investment "further validates our strategy to surround the college market with both on and off-line media," said Harlan Peltz, chairman and CEO of YouthStream.