After a long auction process and going through multiple suitors, almost giving up on the process, and coming close to selling to at least one of them, the media jobs, events and info site Mediabistro has been sold to Jupitermedia for $23 million — $20 million is in cash and an additional $3 million over two years. The NYT has the story. This comes close to what the company hoped for ($25 million or so) when it started the M&A process in
early first half od 2006, though one would have expected the valuation to go up in the almost two years time since then.
Mediabistro was started in 1996 by founder and CEO Laurel Touby, and has grown from a jobs site into one that organizes training seminars, has various media-related blogs, and other premium services… Touby will remain with Jupiter as a SVP.
For Jupitermedia, which recently raised a $115 million line of credit, this is its second jobs site buy: late last year it bought JustTechJobs.com, an online tech job site.