RealTime IT News

YouthStream Secures $25 Million Investment

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.

YouthStream's educational, informational and promotional material is offered through the company's off-line and online channels including: mybytes.com, a full-service, personalized and free Internet hub for college students and faculty; a national network of campus theaters; a college newspaper advertising placement service; a campus event marketing and postering and promotions company; a print poster catalog; a wall media network; a free postcard advertising brand and an online research service.