|By Business Wire||
|July 14, 2014 11:15 AM EDT||
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.
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