Getty Buys Jupitermedia's Online Images Unit For $96 Million
This story was written by David Kaplan.
Jupitermedia has sold its online images business to its larger rival Getty Images for $96 million. The deal is centered on a definitive stock purchase agreement. Alan Meckler, Jupitermedia's chairman and CEO, said the deal will allow the New York-based company to pay off all of its bank debt. The transaction is not subject to any financing conditions.
In the meantime, Meckler said Jupitermedia (NSDQ: JUPM) will focus more on developing its online media division. That unit is comprised of five distinct networks: internet.com and EarthWeb.com, which are aimed IT professionals; DevX.com for developers; and Mediabistro.com and Graphics.com for media and creative professionals. Earlier this year, Jupitermedia has been pushing the music side of its business hard with a number of acquisitions, including eStockMusic, a royalty-free music site, and Flying Hands Music, which also has its own library of royalty-free tracks. Release
By David Kaplan