WebMediaBrands Announces Acquisition of Inside Network & its Social Media Research & Data Services, News Publications & Indus...
May 12 2011 - 7:00AM
Business Wire
WebMediaBrands Inc. (Nasdaq: WEBM) today announced that it has
acquired all of the shares of Inside Network Inc. of Palo Alto,
California. Inside Network publishes the well-known blogs Inside
Facebook, Inside Social Games and Inside Mobile Apps;
industry-leading research services focused on the Facebook platform
and social gaming ecosystem including Inside Facebook Gold, Inside
Virtual Goods and Facebook Marketing Bible; AppData, a service used
by developers, investors, marketers, and analysts interested in
tracking application, or app, traffic on social platforms; and
trade shows such as Inside Social Apps. Justin Smith, founder of
the Inside Network, will continue to operate the business and will
become WebMediaBrands’ Vice President, Social Media and a member of
its board of directors. Terms for the transaction included payment
of $7.5 million in cash and 4,183,130 shares of the common stock of
WebMediaBrands. WebMediaBrands expects that this acquisition will
be immediately accretive to its earnings and cash flows.
“Inside Network Inc. is a leader in covering the Facebook and
social gaming ecosystem through reporting, research, and events,”
stated Alan M. Meckler, Chairman and CEO of WebMediaBrands. “When
combined with our leading social media blogs such as AllFacebook,
SocialTimes, and AllTwitter, I believe that WebMediaBrands is now
the leading source of news and information about Facebook, social
gaming, Twitter, and social media. We plan to move aggressively
with initiatives designed to grow our combined editorial, research,
and events operations, as well as dramatically augment our online
education coverage of social media and our job board presence in
the social media arena,” added Meckler.
“WebMediaBrands has created a powerful platform for delivering
news, research, education, and events to the social media
industry,” said Justin Smith, Founder and CEO of Inside Network.
Since our founding, Inside Network has always focused on providing
the highest quality information, research, data, and events for the
social app ecosystem. Combining our efforts should naturally enable
us to move even faster to deliver products and services to this
rapidly growing industry in multiple areas, including industry news
and research, conferences and events, and job listings for the
social and mobile application ecosystems.”
About WebMediaBrands Inc.
WebMediaBrands Inc. (Nasdaq: WEBM) (www.webmediabrands.com),
headquartered in New York, NY, is a leading Internet media company
that provides content, education, and career services to media and
creative professionals through a portfolio of vertical online
properties, communities, and trade shows. The Company's online
business includes: (i) mediabistro.com, a leading blog network
providing content, education, community, and career resources
(including the industry's leading online job board) about major
media industry verticals including new media, social media,
Facebook, TV news, sports news, advertising, public relations,
publishing, design, mobile, and the Semantic Web; and (ii)
AllCreativeWorld.com, a leading network of online properties
providing content, education, community, career, and other
resources for creative and design professionals. The Company's
online business also includes community, membership and e-commerce
offerings including a freelance listing service, a marketplace for
designing and purchasing logos and premium membership services. The
Company's trade show and educational offerings include conferences,
online and in-person courses, and video subscription libraries on
topics covered by the Company's online business.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release that are not
historical facts are "forward-looking statements" under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. The
potential risks and uncertainties address a variety of subjects
including, for example: risks associated with acquisitions,
including integration of operations; general economic conditions;
the competitive environment in which WebMediaBrands competes; and
the unpredictability of WebMediaBrands's future revenues, expenses,
cash flows and stock prices. For a more detailed discussion of such
risks and uncertainties, refer to WebMediaBrands's reports filed
with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934. The forward-looking statements
included herein are made as of the date of this press release, and
WebMediaBrands assumes no obligation to update the forward-looking
statements after the date hereof, except as required by law.
All WebMediaBrands press releases are here:
www.webmediabrands.com/corporate/press.html
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