Editor's Note: The follow press release was published on Business Wire on March 22, 2012.
ATLANTA, GA – March 22, 2012 – PRIMEDIA, a premier renter resource for apartment and rental home information and listings, announced today that it has entered into an agreement with eBay Inc. to acquire its Rent.com subsidiary. Terms of the transaction were not disclosed.
PRIMEDIA’s category-leading web sites and mobile applications will be complemented by Rent.com’s successful pay-for-performance business model. The combination will provide advertiser clients a more comprehensive suite of products that deliver cost-effective and high quality leads and leases. Rent.com adds another strong brand to PRIMEDIA’s extensive apartment and rental home resources, which include the web properties ApartmentGuide.com, Rentals.com and RentalHouses.com.
“Rent.com has a strong reputation, brand awareness, history and URL,” said Charles Stubbs, PRIMEDIA President and Chief Executive Officer, who will lead the combined company. “Both Rent.com and PRIMEDIA have long track records of delivering a high-quality consumer and client experience in the marketplace.”
Stubbs continued, “The combination of our two companies will allow us to deliver a broader range of innovative products and services to our clients and more quickly expand our markets and market segments. We look forward to working with the Rent.com team that has built this great brand.”
“We are excited to be joining PRIMEDIA, a leading vertical search company in the apartment and rental housing sector,” said Bill McKnight, Rent.com General Manager. “Rent.com fits in nicely with PRIMEDIA’s mission of being the go-to resource to help people find the perfect place to live.”
The transaction is expected to close second quarter 2012 and is subject to customary closing conditions.