Announced today, Prometheus Global Media – which owns and operates Adweek, The Hollywood Reporter, and Billboard, among others – has entered into a definitive agreement to purchase Mediabistro’s editorial and e-commerce assets. The sale price? Eight million in cash.
As part of the deal, PrometheusGM will add to its portfolio mediabistro.com and editorial sites including FishbowlDC, FishbowlNY, TVNewser and PRNewser, as well as the Mediabistro Job Board, and Mediabistro’s education business.
Pending stockholder approval, the sale should close in late July. Current Mediabistro CEO Alan Meckler will keep the trade show business under a new name – Mecklermedia – also subject to stockholder approval.
“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” said Meckler.