Jupitermedia sells subsidiary to Getty Images for $96 million in cash

Jupitermedia Corporation has agreed to sell its wholly owned subsidiary Jupiterimages to Getty Images, Inc. for an aggregate purchase price of $96 million in cash.

After the sale, Jupitermedia will continue to operate its remaining five distinct online media networks: internet.com and EarthWeb.com for IT and business professionals; DevX.com for developers; and Mediabistro.com and Graphics.com for media and creative professionals.

“We believe that this transaction will be beneficial to Jupitermedia and its stockholders, both in the near term and the long run, as it will allow Jupitermedia to pay off all of its bank debt. Upon closing of the transaction, we will continue focus on the further development and growth of our Online Media division,” Alan Meckler, Jupitermedia’s CEO, said.