New York – WebMediaBrands (NASD: WEBM), the publisher of the Mediabistro
blog network and a provider of education and career services to media
professionals, announced on Thursday that it has acquired all of the shares of
online publisher Inside Network, in a deal valued at $14 million.
Terms of the
deal included $7.5 million in cash, and 4.1 million shares of WebMediaBrands.
Palo Alto, Calif.-based Inside Network publishes blogs include Inside Facebook
and Inside Mobile Apps.
"When combined with our leading social media blogs
such as AllFacebook, SocialTimes, and AllTwitter, I believe that WebMediaBrands
is now the leading source of news and information about Facebook, social
gaming, Twitter, and social media," said WebMediaBrands chairman and CEO
Alan M. Meckler.
"We plan to move aggressively with initiatives designed
to grow our combined editorial, research, and events operations, as well as
dramatically augment our online education coverage of social media and our job
board presence in the social media arena."