j2 Global buys Ziff Davis for $167m
Nov 13, 2012 (TELECOMWORLDWIRE via COMTEX) --
j2 Global, Inc. (NASDAQ: JCOM) said it has acquired media company Ziff Davis, Inc. The acquisition provides j2 a series of world-class web properties, including PCMag.com, ComputerShopper, ExtremeTech, Toolbox.com and Geek.com.
The purchase price was approximately $167 million, net of certain post-closing adjustments, and was funded out of j2's cash on hand. The transaction is anticipated to be immediately accretive and to contribute approximately $60 million to 2013 revenues. After giving effect to this transaction, j2 has over $300 million in cash and investments.
As a result of this transaction, j2 anticipates that its revenues for 2012 will exceed the top end of its previous estimate of between $345 million and $365 million. In addition, j2 reaffirms that its 2012 non-GAAP earnings per diluted share will exceed that of 2011.
Founded in 1995, j2 Global, Inc. provides cloud services to individuals and businesses around the world. j2's network spans 49 countries on six continents. The company's website is at www.j2global.com.
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