j2 Global Buys Ziff Davis for $167 Million

Magazine publisher Ziff Davis has been purchased by business cloud services company j2 Global, the company announced yesterday. According to the announcement, j2 Global paid $167 million in cash for the company, with an expectation that the transaction will contribute $60 million to its 2013 revenue.

"We have years of experience and significant interest in the digital media and online marketing space," said Hemi Zucker, j2's chief executive officer, in an investor release about the purchase. "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."

Ziff Davis' current operates Geek.com and PC Magazine. It's former publications include magazines like Electronic Gaming Monthly, Computer Gaming World and Games for Windows: The Official Magazine; tech and gaming outlets including ZDNet, TechTV, GameSpot and the 1UP family of sites; and DigitalLife. The company filed for bankruptcy in 2008 and sold its gaming sites, including 1UP and GameVideos, to Hearst. Hearst sold off 1UP to IGN in 2011.

Source: Polygon

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