Breaking Media Buys Medcity Media
Deal includes one website and three events.
Breaking Media, a network of B2B media sites that include Above the Law, Breaking Energy and Fashionista, has acquired the privately owned healthcare media company Medcity Media.
John Lerner, Breaking Media CEO, declined to offer details on terms, but says it was an equity and cash deal.
Lerner had been looking for a healthcare site to add to his network when Media Advisory Partners, who represented Medcity in the deal, tipped him to the opportunity.
"We felt that the business of healthcare was a natural fit for breaking media and were keen on entering the space for some time," Lerner says. "The financial and legal ramifications of the evolving healthcare industry are a natural fit with Breaking Media. We also see tremendous synergy with our government and defense verticals."
It's Breaking Media's second acquisition since it bought three sites from AOL in 2013 which became Breaking Defense, Breaking Energy and Breaking Gov.
The six-year-old Medcity Media, which attracts about 300,000 monthly uniques to its Medcity News site, will continue to operate as a standalone business from its Cleveland, Ohio-based offices. CEO and co-founder Chris Seper will join Breaking Media as vice president, healthcare. Eight employees will transition with the sale.
Also included with the deal are Medcity's three events, Mid-America Healthcare Venture Forum, ENGAGE and CONVERGE, which attract about 1,000 attendees.
Lerner says Breaking Media is profitable and is projecting $6.5 million in 2015 revenues.