Subject to some post-closing adjustments, Getty Images has completed the acquisition of Jupiterimages. Jupitermedia, which will now be called WebMediaBrands, is using the proceeds of the sale to pay debts.
The transaction involved $96 million in cash—less than a quarter of the amount discussed when the two companies first attempted negotiating in 2006. Jupitermedia is applying 82 million against its outstanding debts and is canceling its credit agreement with KeyBank, though it is retaining its interest-rate arrangement with the latter.
The name change has been approved by Jupitermedia stockholders last Friday and will become effective on Tuesday, Feb. 24. The company’s NASDAQ symbol changes to WEBM. WebMediaBrands Inc. retains ownership of Internet.com, Mediabistro.com and Graphics.com, which have a combined 22 million unique visitors and 70 million page views.