Match.com Acquires People Media For $80 Million
People Media is the parent company of several niche social networks. Some of the social networks include LatinoPeopleMeet.com, SeniorBlackPeopleMeet.com, RepublicanPeopleMeet.com, and AsianPeopleMeet.com. Match.com will be buying all of the properties for $80 million in cash.
People Media got a big break by powering AOL Personals. The company started in 2002 and runs about 27 social networks. Altogether the social networks have about 255,000 paying subscribers.
The biggest niche social networks that People Media owns are BlackPeopleMeet.com, BBPeopleMeet.com, LDSPlanet.com, SingleParentMeet.com, and SeniorPeopleMeet.com. In 2008, the company made $11.6 million in earnings before interest, taxes, depreciation, and amortization.
People Media is run by CEO Josh Myers, a former general manager of Yahoo! Publisher Network. People Media is owned by private equity firm American Capital.
[via AlarmClock]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry