Getty Images and Jupiterimages are set to merge their services as part of a $96 million deal. At press time, the merger was scheduled to occur in early 2009.
As early as March 2007, Getty showed interest in acquiring Jupiterimages. A tentative deal valued at $388 million never materialized. Jupitermedia, the parent company of Jupiterimages, also received interest from four other buyers in 2008.
Private-equity firm Hellman & Friedman, which now owns Getty, valued Jupiterimages at $200 million back in May 2008. Last fall, when talks had resumed with Getty, the 2007 bid had been cut to less than half, with Getty CEO Jonathan Klein offering Alan Meckler, CEO of Jupitermedia, only $120 million.
Jupitermedia's stock, which once traded above $60 a share, fell below $1 in October. Two years ago, the company reported revenues of $140 million and losses of $76 million.
Getty, which has recently gone private, acquired the MediaVast brand for $202 million in 2007 and Digital Vision for $165 million in 2005. Getty expects to retain the Jupiterimages brand. The merger has been approved by federal agencies.