In another move designed to expand the premium content offerings in its
JupiterImages division, Jupitermedia , the parent
company of internetnews.com, announced on Friday a $63.2 million cash deal
to acquire California-based stock photography firm PictureArts Corporation.
The deal includes PictureArts properties Brand X Pictures, FoodPix,
Botanica and Nonstock, as well as its image distribution business, the
company said.
Jupitermedia said it would finance the purchase with cash on hand and
money from credit facility JPMorgan Chase Bank. The transaction is expected
to close during the third quarter of 2005 and is subject to customary
closing conditions, including regulatory approvals.
PictureArts distributes its Brand X Pictures brand, a collection of
high-end, royalty-free stock photography. It’s FoodPix brand is a specialty
library of rights-managed food and beverage images, features images from
many internationally renowned photographers.
“PictureArts represents JupiterImages most significant move to date
toward being able to offer the highest quality rights-managed and
royalty-free commercial images,” said Alan M. Meckler, chairman and CEO of
Jupitermedia, in a statement.
The deal is the third major move by the Darien, Conn.-based Jupitermedia
into the digital imaging space in the past few years. In April 2004 the
company acquired New Jersey-based stock photography firm Comstock Images and in 2003 it snatched up ArtToday
The PictureArts property also includes the Botanica collection, a
rights-managed photography collection that focuses on botanical images mixed
with current lifestyle concepts and trends and the Nonstock brand,
a rights-managed photography collection with one focus.
PictureArts, which was founded in 1984 by husband and wife Jeffrey Burke and
Lorraine Triolo, provides a source for images, creating, licensing and
distributing images through specialized collections.
“PictureArts specialty collections in the food and nature categories, as
well as its other noted rights-managed offerings, further enhance
JupiterImages standing, particularly with high end photo buyers,” Meckler
added.
PictureArts has over 75 employees and is headquartered in South Pasadena,
Calif. PictureArts also has a sales and creative office in New York City and
serves its international base of customers through multiple distribution
channels.
