So the second time proves to be lucky: Jupitermedia has sold its online images business to its larger rival Getty Images for $96 million in cash. The first time Getty (NYSE: GYI) tried to buy JUPM’s images business, in February 2007, the deal fell apart. This new deal is centered on a definitive stock purchase agreement, and Alan Meckler, Jupitermedia’s chairman and CEO, and others, who collectively hold about 35.9 percent in Jupitermedia (NSDQ: JUPM), have agreed to vote in favor of the deal. Meckler said the deal will allow the New York-based company to pay off all its bank debt.
Jupiter’s images division had revenues of $8.9 million in the last reported quarter (Q208), and operating profits of $7.2 million.
Getty itself is now a private company, after it was bought by PE Firm Hellman & Friedman for $2.4 billion earlier this year.
In the meantime, Meckler said Jupitermedia will focus more on developing its online media division. That unit is comprised of five distinct networks: internet.com and EarthWeb.com, which are aimed at IT professionals; DevX.com for developers; and Mediabistro.com and Graphics.com for media and creative professionals. Earlier this year, Jupitermedia began pushing the music side of its business hard with a number of acquisitions, including eStockMusic, a royalty-free music site, and Flying Hands Music, which also has its own library of royalty-free tracks. Release