J2 Global Makes Digital Media AcquisitionMonday, November 12, 2012
Business communication company j2 Global Inc. announced Monday that it has acquired digital media company Ziff Davis Inc.
J2 paid $167 million in cash for the New York company, which owns and operates news and product review websites such as PCMag.com, ComputerShopper and Geek.com.
The company has adjusted its 2012 revenue outlook to between $345 million and $365 million and said that the acquisition will also contribute about $60 million to 2013 revenue.
J2, which was founded in 1995, provides business technology services such as Internet faxing, hosted email, online backup and email marketing. The acquisition of Ziff Davis, which has 180 employees, will add to the company’s growing portfolio of online marketing properties.
“We have years of experience and significant interest in the digital media and online marketing space,” j2 Chief Executive Hemi Zucker said in a statement. “This acquisition brings scale to this effort with a top leadership team deeply committed to building the business through organic growth, which we expect to continue.”
Shares closed up nearly 8 percent to $30.18 on the Nasdaq.