SANTA MONICA, Calif.--(BUSINESS WIRE)--
Demand
Media Inc. (NYSE:DMD) announced today the sale of Creativebug,
its online video arts and crafts business, to Otter Media, the newly
named venture between AT&T and The Chernin Group. Additionally, Demand
Media has completed the sale of its real-time engagement solution
business, CoveritLive,
to Toronto-based ScribbleLive.
“These divestitures allow Demand Media to refocus attention from nascent
businesses in emerging markets to opportunities that are more in line
with our overall growth strategy,” said Shawn Colo, interim chief
executive officer of Demand Media. “By streamlining our approach to the
business, we can more effectively connect passionate audiences with
engaged experts, artists and opinion makers across our consumer
lifestyle brands and our Content Solutions partners.”
Demand Media’s brands include eHow, Cracked, LIVESTRONG.com and Society6.
About Demand Media
Demand Media, Inc. (NYSE: DMD) is a leading digital content & media
company that informs and entertains one of the Internet’s largest
audiences, helps advertisers find innovative ways to engage with their
customers and enables publishers and individuals to expand their online
presence. Headquartered in Santa Monica, CA, Demand Media has offices in
North America, South America, and Europe. For more information about
Demand Media, please visit www.demandmedia.com.
Cautionary Information Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. Statements containing words
such as may, believe, anticipate, expect, intend, plan, project, and
estimate or similar expressions constitute forward-looking statements.
Forward-looking statements involve various risks and uncertainties and
statements regarding the Company’s future financial performance are
based on current expectations, estimates and projections about our
industry, financial condition, operating performance and results of
operations, including certain assumptions related thereto. Actual
results may differ materially from the results predicted, and reported
results should not be considered an indication of future performance.
Information about potential risk factors that could affect our operating
and financial results are contained in our annual report on Form 10-K
for the fiscal year ending December 31, 2013 filed with the Securities
and Exchange Commission (http://www.sec.gov)
on March 17, 2014, as such risk factors may be updated in our quarterly
reports on Form 10-Q filed with the Securities and Exchange Commission,
including, without limitation, information under the captions Risk
Factors and Management's Discussion and Analysis of Financial Condition
and Results of Operations. The Company does not intend to revise or
update the information set forth in this press release, except as
required by law, and may not provide this type of information in the
future.
Source: Demand Media, Inc.