September 25, 2001
AOL Time Warner, IDG Buy Industry Standard Assets for $1.4 Million
AOL Time Warner and International Data Group bought most of the assets of Standard Media International yesterday for $1.4 million, according to the Standard. The assets were sold at auction in federal bankruptcy court in San Francisco. AOL's Time Inc. agreed to buy the paid subscriber list for $500,000, including the assumption of subscription liabilities of $2.2 million to $2.5 million, the Industry Standard said on its Web site. No one from the Standard immediately returned calls for comment. Most of the remaining assets were sold to International Data Group, which at one time was the majority owner of Standard Media. IDG will pay $900,000 for the company's Web site, including the technology, intellectual property, trademarks, newsletters, conference arm and the subscriber list, the Standard said.
The Standard ceased publication Aug. 16 after ad revenue plunged and IDG refused to provide additional funding. Last year, it posted revenue of $140 million through conferences and a year 2000 industry record of 7,558 advertising pages. Revenue this year was expected to reach $40 million, a 70-plus percent plunge.