Mediabistro Editorial Assets Acquired by Prometheus Global Media for $8 Million
Job search/media site Mediabistro has reached an agreement to be sell its editorial properties for $8 million to Prometheus Global Media, owner of Adweek, The Hollywood Reporter and Billboard.
The deal will include some of Mediabistro’s popular niche media blogs including TVNewser and AgencySpy. The popular Mediabistro job board and its education business are also part of the deal.
The deal sill needs shareholder approval, which could happen by mid-July.
The tradeshow portion of the company will remain with Mediabistro CEO Alan Meckler under a new company — Mecklermedia. The company’s 3D printing and bitcoin assets are also not a part of the deal.
An investment by Mediabistro in November into 3dprintingindustry.com sent shares in the company sharply higher.
“The new Mecklermedia will be able to significantly reduce debt, add working capital and concentrate on being an international trade show company concentrating in the fields of Bitcoin, cryptocurrency and 3D Printing, which currently encompasses over 22 trade shows in 11 countries” Alan M. Meckler, CEO of Mediabistro, said in a press release.
Mediabistro was started by Laurel Touby, a magazine freelance writer who turned her media startup into a big payday when it was acquired by Jupitermedia in 2007 for $23 million.
The site gained a following in media circles, particularly in New York and Washington D.C., thanks in part to its job board and professional skill development courses.
The acquisition provides Prometheus with a new cadre of editorial pieces that fit with the company’s other focused media assets. Prometheus also runs the Clio Awards for advertising and the movie event company Film Expo Group.