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Jupiter's star fades following sell-off
Friday, June 21 2002
by Andrew McLindon


Research firm Jupiter Media Metrix is to sell its research and events units to
INT Media Group for USD250,000 in a deal that effectively kills off Jupiter.





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.