Jupitermedia Corp., whose businesses include Web sites for technology professionals, acquired Mediabistro.com Inc. for $20 million in cash to add an online service for TV producers, graphic designers and journalists.
An additional $3 million may be paid over the next two years for Mediabistro if certain performance benchmarks are met, Darien, Connecticut-based Jupitermedia said today in a statement.
Mediabistro founder and Chief Executive Officer Laurel Touby said in the statement that the acquisition presents opportunities for growth. Mediabistro, based in New York, provides job postings, training and forums for journalists and professionals in advertising and graphic design.
Shares of Jupitermedia rose 1 cent to $7.91 as of 4:00 p.m. New York time in Nasdaq Stock Market composite trading.
Jupitermedia used a $115 million credit line arranged by KeyBanc Capital Markets to buy Mediabistro, the company said. Jupitermedia said July 13 that it borrowed $75 million using the credit facility to pay down debt and finance acquisitions.
Mediabistro was started in 1999.
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