Cross Media has signed a non-binding letter of intent to acquire JWE Enterprises. The price is $10 million in cash and Cross Media shares, plus an additional payment of at least $4 million based on performance.
The purchase includes JWE’s 25% interest in J Cross Marketing, a joint venture between the two firms.
In recent months, Cross Media has acquired Lifeminders Inc. and National Syndications Inc.
Cross Media markets magazines subscriptions and memberships online and by phone. Last year, it doubled its revenue to more than $100 million. (DIRECT Newsline, March 6).
Based on the JWE purchase, Cross Media has increased its 2002 revenue guidance to $210 million. Last month, the New York-based firm projected sales of $200 million.
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