Mediabistro sells for $8 million

May 29, 2014
Category: Uncategorized

FishBowlNY | The New York Times

Mediabistro will sell its editorial products to PGM-MB Holdings, LLC, Chris Ariens reported Thursday for FishBowlNY.

PrometheusGM owns and operates influential media brands Adweek, The Hollywood Reporter and Billboard, as well as the Clio Awards and Film Expo Group. The purchase price is $8 million in cash.

In the deal, PrometheusGM also gets Mediabistro’s e-commerce assets, Ariens reported, as well as TVNewser and Mediabistro’s job board, among other things. Mediabistro alums include Brian Stelter, who wrote for TV Newser and now hosts “Reliable Sources” at CNN, and Patrick Gavin, who worked for FishbowlDC.

In 2007, Laurel Touby sold for $23 million, Angel Jennings reported in The New York Times.

The Jupitermedia Corporation, an Internet research company that also sells photos and art, agreed to pay $20 million in cash and an additional $3 million over two years for the company, which is based in New York City.

“This company is a true Internet success story,” Ms. Touby said. “This started as an offline community, a cocktail party, that turned into this Web site that actually makes money.”

(Jupitermedia later changed its name to WebMediaBrands.)

Touby used some of that money to buy and redecorate a New York City apartment. In 2012, Penelope Green wrote about “The loft that Mediabistro built” for The New York Times. It cost $3.9 million, plus another $2 million to fix up.

If numbers like these make you wince, that’s good, said Ms. Touby, whose policy regarding her affairs is relentlessly open kimono. “I have no boundaries and no taboos, and I figured once it was public, why not talk about it?” she said, referring to the sale of her company. “I wish when I was growing up people had been more honest about things like money.”