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WebMediaBrands Inc. Signs Agreement to Sell Internet.com Assets for $18 Million in Cash.

Publication: Business Wire
Publication Date: 10-AUG-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK -- WebMediaBrands Inc. (Nasdaq: WEBM) announced today that it has entered into a definitive asset purchase agreement to sell its Internet.com division to QuinStreet, Inc. for an aggregate purchase price of $18 million in cash.

The Board of Directors of WebMediaBrands unanimously approved the transaction and resolved to recommend that WebMediaBrands' stockholders approve the transaction. Completion of the transaction is subject to approval by WebMediaBrands' stockholders and other customary closing conditions. In addition, Alan M. Meckler, WebMediaBrands' Chairman and Chief Executive Officer, and certain other stockholders, who, with Mr. Meckler, collectively hold approximately 39.5% of WebMediaBrands' outstanding stock, have entered into definitive support agreements with QuinStreet, Inc. to vote a total of 37% of WebMediaBrands' outstanding...

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