Online content provider Jupitermedia is selling its image subsidiary Jupiterimages to rival Getty Images and the firm is changing its name to WebMediaBrands. Shareholders approved the USD96m sale and name change last week. Analysts say selling the firm in the midst of the economic downturn may have shaved up to USD45m off Jupiterimages' price tag.
Jupitermedia is terminating its credit agreement with KeyBank, using the bulk of the proceeds from the Getty deal to pay off all outstanding debts.
Jupitermedia still owns brands catering to professionals such as job services site Mediabistro.com, which it bought for USD23m in 2007.
StrategyEye's related categories: Commerce & Customer Portals, Photo Services
StrategyEye's related companies: JupiterMedia, Getty Images
