Digital media measurement firm Media Metrix Inc. is buying Internet commerce researcher Jupiter Communications Inc. for about $342.7 million in stock, published reports say.
Under the terms of the agreement, Jupiter shareholders will receive .946 shares of Media Metrix for each share of Jupiter they own. The merged company will be called Jupiter Media Metrix and will have a combined market value of more than $1 billion, according to a prepared statement. It will have a combined client base of 1,700 worldwide, including some of the biggest technology companies, advertising agencies and media firms.
Executives from both companies will run the merged entity. Tod Johnson, now chairman and CEO of Media Metrix, will become chairman and CEO of the new company. Gene DeRose, chairman and CEO of Jupiter, will become president and vice chairman of Jupiter Media Metrix.
Mary Ann Packo, president and COO of Media Metrix, and Kurt Abrahamson, president and COO of Jupiter, will become co-chief operating officers of the merged company, and will continue as presidents of their respective units. Tom Lynch, now the chief financial officer of Media Metrix, will be the new company’s CFO, while Jean Robinson, Jupiter’s CFO, will become executive vice president of business development of the merged firm.
The deal is expected to close within three months.
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