WebMediaBrands Acquires Inside Network Blog Network For $14 Million
WebMediaBrands (NASDAQ:WEBM) has acquired blogging company Inside Network for $14 million. Inside Network is best known for the blogs Inside Facebook, Inside Mobile Apps, and Inside Social Games. The acquisition was made in 50% stock and 50% cash.
According to a press release:
“Justin Smith, founder of the Inside Network, will continue to operate the business and will become WebMediaBrands’ Vice President, Social Media and a member of its board of directors. Terms for the transaction included payment of $7.5 million in cash and 4,183,130 shares of the common stock of WebMediaBrands. WebMediaBrands expects that this acquisition will be immediately accretive to its earnings and cash flows.”
WebBrandsMedia CEO Alan Meckler used to own Internet.com and he recently was responsible for acquiring MediaBistro and All Facebook. Eric Eldon, a former writer for VentureBeat, is also a co-founder at Inside Network. Congrats to the Inside Network team! That just leaves a few of us indie technology blog players left.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry