Jupitermedia purchases networking site
Pay attention, revelers: Knowing how to throw a successful party could make you serious bucks.
That’s the lesson from Wednesday’s $20 million sale of MediaBistro, the Web-based networking, news and instructional company for media and entertainment types.
The buyer is Jupitermedia, the Darien, Conn.-based proprietor of a range of digital businesses, including Websites and email newsletters.
Beyond the base $20 million in cash, Jupitermedia agreed on a two-year “earn-out” worth an additional $3 million, pegged to results during that two-year period.
Laurel Touby, a onetime freelance magazine writer who founded Media Bistro in 1999 as an outgrowth of networking parties she threw for other scribes, will stay at the company as a senior VP.
In a lengthy memo posted to MediaBistro.com on Wednesday, Touby called it “probably the happiest day of my life … OK, the second happiest” after her marriage to Jon Fine, who covers the media biz for BusinessWeek.
Jupitermedia shares closed virtually unchanged on the Nasdaq at $7.91.