Tuesday, August 14, 2007
Classmates Media Files For IPO
Woodland Hills-based United Online's wholly-owned subsidiary, Classmates Media, filed for an IPO Monday afternoon, looking to raise up to $125M in an IPO. The IPO is being underwritten by Goldman, Sachs & Co., JPMorgan, and Deutsche Bank Securities. Classmates operates an online social networking service cocused on connecting prior classmates from school, work, and the military; the operation also includes MyPoints, a loyalty marketing service. According to United Online, it will continue to maintain a majority ownership stake in CMC following the offering. According to the filing, Classmates Media lost 250K on revenues of $42.4M for the quarter ended March 31, 2007. For the year ended December 31, 2006, the unit earned 171,000 on revenues of $152M.