Ziff Davis Sells eWeek, CIO and Baseline Magazines to Private Equity Firm
Ziff Davis Media Inc., the New York-based publisher of technology and video game titles, announced yesterday a definitive agreement to sell the assets of its Enterprise Group to an affiliate of Insight Venture Partners, a private equity firm also headquartered in New York that specializes in software and Internet investments. According to Ziff Davis, the assets were sold for approximately $150 million in cash, subject to a number of potential adjustments including the 2007 performance of the Enterprise Group.
The Enterprise Group produces online content, lead-generation services, events and publications serving the tech industry, including eWeek, CIO and Baseline magazines, a number of online properties, digital and face-to-face events, and a database of 3.5 million business and technology users.
“The Enterprise Group has a track record of vigorous expansion and innovation. The team is second to none in the industry in delivering smart, strategic customer results,” said Robert F. Callahan, Ziff Davis’ chairman and CEO. “Insight Venture Partners has exciting plans to continue to pursue growth opportunities in this rapidly transforming technology media environment.”
Employees within the Enterprise Group will remain in their current locations in New York, San Francisco and Boston, and the transaction is expected to close in the third quarter of 2007.