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.