Demand Media Makes an Acquisition
Demand Media is getting into the do-it-yourself e-commerce business. The company said it has acquired website Society6, which it describes as "a leading digital marketplace powered by artists." The purchase is to be effected with a mix of cash and stock -- $75 million in stock and roughly $19 million in Demand Media common stock.
The company said it plans to market Society6 offerings to its sizable user base. In the press release announcing the buy, Demand Media quoted Chairman and CEO Richard Rosenblatt as saying that the firm would also like "to leverage our expertise in managing content creation platforms, our experience in building creator communities, and our significant engineering and product resources to further drive Society6's scale and growth."
At the moment, Demand Media's market capitalization is roughly $708 million.
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