So, we’re in the news today. This morning, Mediabistro is announcing 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. PrometheusGM owns and operates influential media brands Adweek, The Hollywood Reporter and Billboard, as well as the Clio Awards and Film Expo Group. The purchase price is $8 million in cash.
In the deal, Prometheus is acquiring mediabistro.com editorial properties including TVNewser, AgencySpy, GalleyCat, and our suite of social media sites, as well as the Mediabistro Job Board and Mediabistro education business.
This is expected to close, subject to stockholder approval, in late July. Current Mediabistro CEO Alan Meckler will keep the trade show business and related sites as part of a new company called Mecklermedia.