Monday, June 24, 2013
Demand Media Buys E-Commerce Marketplace Society6 For $94M
Santa Monica-based Demand Media has acquired Society6, an online e-commerce marketplace centered around artists, the company announced Monday afternoon, as part of an effort to expand its content and media platform. According to Demand Media, it paid $94M for Society6, including $75M in cash and approximately $19M in its common stock. Demand Media said that Society6 had revenues of approximately $15M for the twelve months ended December 31, 2012, with $4M in oerating income. Society6 offers up art prints, iPhone cases, t-shirts, pillows, household items, and many other products with artwork from various artists. Society6 was also based in Los Angeles, and was co-founded by Justin Cooper and Justin Wills.