Leaf Group Announces Deal with Hearst Newspapers for $9.5 Million
LEAF GROUP LTD (LEAF)
US:NYSE Investor Relations:
investor.onemainfinancial.com
Company Research
Source: GlobeNewswire
SANTA MONICA, Calif., April 30, 2020 (GLOBE NEWSWIRE) -- Leaf Group Ltd. (NYSE: LEAF), a diversified consumer internet company, today announced the signing of an Asset Sale & Services Agreement with Hearst Newspapers. Under this new agreement, Leaf Group transferred ownership of a library of content currently displayed on selected Hearst websites to Hearst Newspapers in exchange for $9.5 million, of which $4 million was paid at signing, and up to an additional $5.5 million will be paid upon completion of the content migration, expected to be finalized in the third quarter of 2020. In addition, for a three-year period, Leaf Group and Hearst will continue to work closely together to manage the sites and create informative and engaging content. “We have always been strong believers that quality content has significant value and we were pleased to be able to work with Hearst on this transaction,” said Sean Moriarty, CEO of Leaf Group. “The Hearst Newspaper team has been a great long-ti
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