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Jupiter has been struggling for some time, and the breakdown of merger talks with rivals NetRatings in February this year spelled the beginning of the end for the business. Since then, the company has been forced to sell its Media Metrix Internet audience measurement service, nearly all the assets of its advertising measurement division and its European business in order to stay afloat.
However, despite those sales having raised around USD12 million, it wasn't enough, and with the business running out of cash and liabilities, Jupiter has had to sell the last of its operations. The company said in a statement that its board will meet next week "to determine the appropriate next step," but it is highly unlikely that Jupiter will be able to survive.
The deal, which was announced on Friday, is expected to close 31 July and is subject to the approval of Jupiter's shareholders. It also includes the assumption by the Internet media company INT of "certain liabilities." INT will begin operating the business immediately pursuant to a management agreement.
INT Media Group was formed in 1998 and is a provider of global news, information and media resources for Internet industry and information technology professionals and Internet users.
Jupiter will operate as a division of INT Media Group and, according to an INT statement, a number of Jupiter Media Metrix employees will join the new division. There were no details on how many of Jupiter's 300 staff would be kept on. Kurt Abrahamson, currently the president of Jupiter Research, will continue to head the division.
INT also said on Friday that it expects the transition to be neutral to its 2002 earnings and to add to its 2003 earnings.
"INT Media Group provides the ideal platform for the Jupiter Research and Events businesses to flourish," said Robert Becker, chief executive officer of Jupiter Media Metrix, in a statement. "The combined companies' renowned brands, products, content, intellectual capital and resources ensure that Jupiter clients will continue to benefit from Jupiter's services."
Jupiter's recent deals included the sale of its European business to NetRatings for USD2 million in cash. The sale, which was announced in May, led to all 55 of Jupiter's European employees losing their jobs.
Jupiter Media Metrix provided research on a range of media sectors, particularly the technology arena. The company has now gone the way of some of the dot.com companies it previously analysed.
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