Demand Media Sells Creativebug, CoveritLive

Santa Monica-based Demand Media said Monday that it has sold both its Creativebug and CoveritLive businesses. Demand Media said it sold Creativebug its online video business focused on arts and crafts, to Other Media, a new joint venture between AT&T and The Chernin Group,. Separately, the compay said it sold CoveritLiveto Canadian firm ScribbleLive. According to Demand Media, the move will "streamline" its approach to its business, and will help it refocus attention on its overall growth strategies. Financial details of the sales were not announced.