E-commerce developer Synergy Brands
Inc. Wednesday signed a strategic agreement with Sinclair Broadcast
Group Inc. to expand the revenue base and brand identity of their jointly
owned BeautyBuys.com Inc.
Sinclair (SBGI)
will provide approximately $69.4 million in television and radio airtime,
media services and cash in exchange for a 50 percent equity interest in
BeautyBuys.com.
BeautyBuys.com will receive advertising time throughout the broadcast day,
including prime time across Sinclair’s television and radio properties. The
two companies plan to utilize their resources to make BeautyBuys.com one of
the largest e-commerce beauty sites in the nation.
Sinclair also acquired a 16.5 percent equity stake in Synergy Brands (SYBR)
for cash and additional media services.
“We believe that the integration of Sinclair’s considerable broadcast,
editorial, local online communities and media resources combined with
BeautyBuys.com extensive product offerings, will allow BeautyBuys.com to
become an industry leader,” said Mair Faibish, chief executive of
BeautyBuys.com and executive vice-president of Synergy Brands.
BeautyBuys.com offers approximately 5,000 brand name women’s and men’s
fragrances, cosmetics, wellness products, vitamins and nutritional
supplements, and other health, beauty and gift items.
