Leaf Group Announces Completion of Content Deal with Hearst Newspapers
August 24 2020 - 8:00AM
Leaf Group Ltd. (NYSE: LEAF), a diversified consumer internet
company, today announced the completion of the content migration
contemplated by the Asset Sale & Services Agreement with Hearst
Newspapers and receipt of final payment from Hearst of $5.5
million.
Under the previously announced agreement, Leaf Group transferred
ownership of a library of content displayed on selected Hearst
websites to Hearst Newspapers in exchange for $9.5 million, of
which the initial $4 million was paid at signing. Over the next
three years, Leaf Group will continue to work closely with Hearst
to manage these sites and create helpful and engaging content for
its readers.
As of July 31, 2020, Leaf Group’s cash and cash equivalents
balance was $29.7 million.
About Leaf Group:Leaf Group Ltd. (NYSE: LEAF)
is a diversified consumer internet company that builds enduring,
creator-driven brands that reach passionate audiences in large and
growing lifestyle categories, including fitness and wellness
(Well+Good, Livestrong.com and MyPlate App), and home, art and
design (Saatchi Art, Society6 and Hunker). For more information
about Leaf Group, visit www.leafgroup.com.
Media Contacts:Sharna DadukVP,
CommunicationsSharna.daduk@leafgroup.com
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