Summary:

WebMediaBrands (NSDQ: WEBM), which has built up a portfolio of social media-focused news sites and conferences over the last several years,…

Alan Meckler, WebMediaBrands
photo: Beet.tv

WebMediaBrands (NSDQ: WEBM), which has built up a portfolio of social media-focused news sites and conferences over the last several years, is buying Inside Network, the owner of Inside Facebook and Inside Social Games, among other sites. WebMediaBrands is paying a total of $14 million for the company, including $7.5 million in cash and $6.5 million in stock.

The deal means that WebMediaBrands will now arguably be the leader in the social media news market, especially when it comes to Facebook-specific news. The company already owned Inside Facebook arch-rival All Facebook, which it acquired in December 2009 through the purchase of parent company Social Times.

Since selling Internet.com to QuinStreet two years ago, WebMediaBrands has picked up a number of media news sites and conference companies, including RotorBlog, 3rd Power, and TVSpy, in addition to Social Times. The Inside Network purchase, however, is — by far — the largest of these, rivaling only the company’s $23 million purchase of Mediabistro in 2007 in size.

Inside Network will keep its Palo Alto offices and all of its employees will join WebMediaBrands, which is based in New York City. The announcement, which will be publicly released tomorrow morning, is short on details on how Inside Network’s sites will be folded into WebMediaBrands, although it implies that the properties will stay the course.

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