O'Melveny Represents People Media in its US$80 Million Acquisition by Match.comJuly 08, 2009
FOR IMMEDIATE RELEASE
O'Melveny & Myers LLP
O'Melveny & Myers LLP
SILICON VALLEY, CA ─ O’Melveny & Myers LLP represented People Media, the leading operator of 27 Internet sites focused on specific demographic groups, including BlackPeopleMeet.com, SingleParentMeet.com, SeniorPeopleMeet.com, BBPeopleMeet.com and LDSPlanet.com, in its sale to Match.com for $80 million in cash. The acquisition will expand and strengthen Match.com's position in the online dating space.
The O’Melveny team was led by Silicon Valley-based partner Paul Sieben and associates Melissa Wright and Katherine McCormick.
About O’Melveny & Myers LLP
With approximately 1,000 lawyers in 14 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com
The following press release was recently distributed by Match.com
IAC's Match.com to Acquire People Media from American Capital
NEW YORK, July 7 /PRNewswire-FirstCall/ -- Today Match.com, an operating business of IAC (NASDAQ: IACI), announced that it has signed an agreement to acquire People Media, a leading operator of targeted dating sites, from American Capital Ltd. (NASDAQ: ACAS), funds affiliated with American Capital and other investors. IAC will pay $80 million in cash for People Media, which had $11.6 million of EBITDA in 2008.
The acquisition of People Media will expand and strengthen Match.com's position in the online dating space. Match.com is already the leading broad-based site in the United States, while People Media is the leading operator of sites focused on specific demographic groups, operating 27 sites including BlackPeopleMeet.com, SingleParentMeet.com, SeniorPeopleMeet.com, BBPeopleMeet.com and LDSPlanet.com, with a combined 255 thousand paying subscribers.
"It's clear that some people are drawn to online communities defined by their own demographic characteristics, and Josh Meyers, People Media's CEO, and his team have done a tremendous job of developing and operating those communities," said Greg Blatt, CEO of Match.com. "We believe People Media's momentum will continue, and that the combination of Match.com and People Media can accelerate each business' current growth trends in a variety of ways, including through the sharing of product development and online marketing expertise and the ability to market a broader array of services to the combined customer base, thereby improving customer acquisition economics for both companies."
"We are thrilled to be joining forces with Match.com," said Josh Meyers, CEO of People Media. "People Media is already the leader in targeted dating, and by combining with Match.com we will accelerate our growth and cement our market leadership position in this segment."
IAC operates more than 35 leading and diversified Internet businesses across more than 30 countries... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at http://iac.com/.
About American Capital
American Capital is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products. Founded in 1986, American Capital has $11 billion in capital resources under management(1) and ten offices in the U.S., Europe and Asia. For further information, please refer to www.AmericanCapital.com.
(1)As of March 31, 2009.
Match.com pioneered online personals when it launched on the Web in 1995 and continues to lead this exciting and evolving category after more than a decade. Throughout its 14-year history, Match.com has helped redefine the way people meet and fall in love. Match.com provides a rich tapestry of ethnicities, interests, goals, ambitions, quirks, looks and personalities from which to choose. Match.com operates some of the leading subscription-based online dating sites in 24 countries, in 8 languages and spanning five continents, as well as oversees its ongoing investment in Meetic. Match.com also powers online dating on MSN across Asia, Australia, the United States and Latin America. Match.com is an operating business of IAC .
About People Media
People Media is the leading provider of targeted online dating communities, reaching nearly 4 million internet users each month. The Company operates six of the top 50-ranked personals websites, as reported by comScore Media Metrix, including BlackPeopleMeet.com, SingleParentMeet.com and SeniorPeopleMeet.com. People Media delivers consumers unique value by specializing its websites based on critical relationship factors including race, religion, and lifestyle. People Media has partnered with the Steve Harvey Morning Show and exclusively powers multiple AOL Personals communities. People Media is a rapidly growing innovator in the online personals space, which is expected to reach $1.2 billion in worldwide revenues by 2009 (Jupiter Research).