SANTA
ANA, CA--(March 8, 2000)--Digital Media Online (http://www.digitalmedianet.com/),
the leading developer of B2B vertical online communities for the digital
media market, announced a partnership with IndustryClick, a subsidiary
of PRIMEDIA Inc. (NYSE:PRM), as a significant investor.
The investment totals more than $14 million, including promotion, licensing
and cash. "This partnership with IndustryClick reinforces Digital
Media Online's first mover position of leadership in the digital media
marketplace. As the leading daily online resource for digital media
professionals, we maintain a team of industry professionals working
behind the scenes to supply our community members with the latest content,
community news and resources. The teams at PRIMEDIA, IndustryClick and
Intertec add significantly to our assets and we look forward to expanding
on our mutual strengths in the marketplace," says Lou Wallace,
CEO of Digital Media Online.
The agreement, believed the first of its kind, adds Intertec's www.Millimeter.com,
www.VideoSystems.com, www.BroadcastEngineering.com,
www.WBEonline.com, www.BERadio.com
and www.ProAudio.net to the DigitalMediaNet.com
industry hub. ProAudio.net includes a database of over 40,000 registered
professional audio subscribers. The agreement also licensed to Digital
Media Online all editorial content from the print publications associated
with the above sites, along with content from Mix Magazine and Sound
& Video Contractor.
"We are moving aggressively to establish B2B vertical online communities
that join our rich editorial content with commerce in solidly growing
industries," said Tom Rogers, Chairman and CEO or PRIMEDIA.
The deal adds six new vertical online communities to the 22 existing
communities in the DigitalMediaNet.com industry hub. It also includes
a significant partnership with Digibid.com,
an IndustryClick e-commerce community to build and maintain the co-branded
DigitalMediaNet.com auction area. Digibid.com is a real-time interactive
auction site specializing in the sale of professional broadcast, audio,
video, music, recording and lighting equipment.
"In this rapidly changing and constantly developing B2B online environment,
it is increasingly important to move quickly. This partnership is the
right mix of sharing content, sales force, and cross promotion that
will move both companies into strong leadership roles in the market,"
said Timothy Andrews, President and CEO of IndustryClick.
Timothy Andrews, President and CEO of IndustryClick, Cam Bishop, CEO
of Intertec Publishing, and Philip Berg, Vice President of IndustryClick,
will join Lou Wallace, CEO of Digital Media Online, Michael J. Skerly,
President of Digital Media Online, John J. Wilczak, CEO of iBenefits.com
and Jeff Edson, CEO of Quantum 3D as members of the Digital Media Online
new board of directors.
About Digital Media Online (http://www.digitalmedianet.com)
Digital
Media Online is the leading developer of vertical online communities
in the digital media marketplace. With more than 28 channels, DigitalMediaNet.com
serves distinct market segments including streaming media, digital video,
animation, special effects, desktop publishing, imaging and design,
digital audio, CAD, workstations, game development, film, broadcast
and post production. Each of the channels is updated with current industry
news each business day. The DigitalMediaNet.com community resources
include breaking technology and product news, techniques, white papers,
research, interactive product guides, classified, job and resume listings
and extensive examples of digital art, animations and video.
About PRIMEDIA Inc. (http://www.primedia.com)
PRIMEDIA
Inc., with 1999 sales of $1.7 billion, is a targeted media company with
print, video, and Internet businesses focused on consumer and B2B audiences.
Some key properties include Seventeen, New York, Chicago, Fly Fisherman,
Surfing Magazine, Channel One Network and 16 other specialty satellite
television and TV distribution products, Horticulture, Modern Bride,
American Baby, IntelliChoice, Telephony, American Demographics and Films
for the Humanities and Sciences. The Company owns and operates more
than 215 Web sites and other Internet properties.
About IndustryClick (http://www.industryclick.com)
IndustryClick(TM) builds and operates business-to-business vertical
online communities for niche industries. The company's communities include
MarketingClick(TM) (www.marketingclick.com),
Media Central(R) (www.mediacentral.com),
TelecomClick(TM) (www.telecomclick.com),
AgriClick(TM) (www.agriclick.com),
PromoXchange(TM) (www.promoxchange.com),
ProAudioNet(TM) (www.proaudio.net)
and Digibid(TM) (www.digibid.com).
Formed in April 1999, IndustryClick is based in Kansas City, Mo. and
has offices in Chicago and Connecticut.
About Intertec (http://www.intertec.com)
Intertec
Publishing is owned by PRIMEDIA Inc., and is broken down into 10 business
platforms, including Agribusiness, Communications, Electrical and Public
Services, Entertainment, Industrial, Marketing, Professional Services
and Apparel, Transportation, Books and Exhibitions. 80% of Intertec
magazines are No. 1 or No. 2 in their market. With over 1,600 employees,
Intertec produces more than 100 magazines and newsletters, 450 books
and valuation guides, and produces more than 30 trade events through
the Exhibitions Division.