Jupitermedia (JUPM) agreed to buy Mediabistro for up to $23 million in cash.
The New York media company said the deal calls for it to pay $20 million at closing and a two-year earn-out that could result in an additional $3 million in cash. Based in New York City, Mediabistro.com was founded in 1999 by Laurel Touby. Funding for this acquisition was secured through the recently announced closing of a $115 million senior credit facility arranged by KeyBanc Capital Markets.
"We are very excited to add Mediabistro and their community of members to Jupitermedia," said Jupitermedia chief Alan Meckler. "Mediabistro.com is run by a top-notch team, led by founder Laurel Touby. This team has nurtured a very loyal following of media and creative professionals that relies on Mediabistro to find jobs, learn about the latest industry happenings and best practices, and bring them together at live community-driven events around the country."