Jupitermedia (JUPM) Completes Sale of Jupiterimages; to Change Name to WebMediaBrancs with Nasdaq Symbol 'WEBM'
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Jupitermedia Corporation (NASDAQ: JUPM) announced today that it has completed the previously announced sale of Jupiterimages Corporation, a wholly-owned subsidiary of Jupitermedia, to Getty Images, Inc. for $96 million in cash, subject to certain post-closing adjustments.
In connection with the Sale, Jupitermedia terminated its Credit Agreement with KeyBank National Association and applied approximately $82 million of the proceeds from the Sale to repay all outstanding indebtedness. Jupitermedia’s existing interest rate swap arrangement with KeyBank will remain outstanding.
In addition, Jupitermedia announced that it will change its name to “WebMediaBrands Inc.” and its NASDAQ symbol to WEBM, effective February 24, 2009.
The sale of Jupiterimages to Getty Images and the name change were approved by Jupitermedia’s stockholders during a special meeting held on February 20, 2009.
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