PC Mag Owner Ziff Davis Bought by J2 Global Inc.
Ziff Davis Inc., the 85-year-old publishing company that chronicled the rise of the computing industry, will be sold to Internet-services provider J2 Global Inc. (JCOM) for $167 million.
The cash deal gives J2 Global PCMag.com and other online sites, including Toolbox.com and Geek.com that reach more than 50 million people, the company said in a statement.
Ziff Davis, which used to own broadcast television stations and more recently was known for its technology-focused titles, has expanded online as print publishers face declines in advertising sales. Closely held Ziff Davis is based in New York.
J2 Global, based in Los Angeles, provides Internet-related corporate services, including e-mail, phone, fax and online marketing to small businesses. The company, which reported $93.3 million in sales in the most recent quarter, said the deal will increase earnings immediately and contribute about $60 million to 2013 revenue.
J2 Global gained 2.8 percent to $30.18 at the close in New York. The shares have risen 7.3 percent this year.
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