Demand Media still isn’t saying how much it expects to raise in its initial public offering, but it is providing some more details about how it expects to use the proceeds. In a new filing with the SEC, the company says it will use some of the money it raises to cover the $50 million to $75 million it expects to spend on “investments in content” next year. Intriguingly, Demand Media also has removed a statement from the filing that said some of the proceeds could be used to “acquire or invest” in other businesses.
It’s difficult to know how much to read into either update, however, considering that Demand Media says it will have “broad discretion” over how it ultimately uses the cash. One other tidbit: Demand Media plans to trade on the New York Stock Exchange under the symbol DMD.