Prometheus Global Media acquires Mediabistro editorial and e-commerce assets
Company will change name to Mecklermedia Corporatio and concentrate on international trade shows in the fields of Bitcoin, cryptocurrency and 3D Printing
NEW YORK, NY – May 29, 2014 — Mediabistro Inc. today announced that it has entered into a definitive agreement to sell its editorial and e-commerce assets to PGM-MB Holdings, LLC, a wholly-owned subsidiary of Prometheus Global Media, for an aggregate purchase price of $8 million in cash. The assets being sold consist of a number of blogs and websites and include the Mediabistro job board and education unit. Mediabistro expects the closing of the asset sale, which is subject to stockholder approval and other customary closing conditions, to occur in the third quarter of 2014. In connection with the sale, Mediabistro plans to change its name to Mecklermedia Corporation, subject to obtaining the requisite stockholder approval to do so.
Mediabistro intends to file with the SEC and distribute to its stockholders a proxy statement in connection with its solicitation of stockholder approval at its annual stockholders meeting. Stockholders are urged to read the proxy statement when it becomes available. The proxy statement, which will contain additional details regarding the proposed transaction, will be made available free of charge on the SEC’s website and from Mediabistro.
“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” stated Alan M. Meckler, Chairman and CEO of Mediabistro.