Wednesday, May 4, 2016
United Online Acquired By B. Riley For $170M
Woodland Hills-based United Online said Wednesday afternoon that it has agreed to be acquired by B. Riley Financial, in a deal worth $170M in cash, or $11.00 per share. According to a statement from interim CEO Jeff Goldston, the deal came after an "extensive process" to explore a "full range of strategic alternatives". The company said it will allow its only remaining operating business--its communications segment--to continue under B. Riley. The sale of United Online came after a long and tortuous path, where United Online spun off flower delivery firm FTD, sold its Classmates unit, and its StayFriends social networking site, and battled both with B. Riley and Activision Howard Marks over the company's management and strategic plans.