Cross Media to Acquire LifeMinders for $68M in Cash, Stock

Share this article:
Online direct marketing agency LifeMinders Inc., which in May announced it was seeking a merger partner, has found one in New York-based Cross Media Marketing Corp.


Cross Media said yesterday that it would pay $68.1 million in cash and stock for LifeMinders. The stock portion of the deal is worth $2.43 a share to LifeMinders stockholders, who can elect to receive either all cash, all stock or a mix of 18 percent cash and 82 percent stock. The deal is contingent upon LifeMinders maintaining at least $50 million in cash and equivalents on Aug. 31. If it does not, Cross Media said it would deduct $1.75 million from the purchase price.


The deal is expected to close early in the fourth quarter.


LifeMinders, based in Herndon, VA, drastically scaled back its operations in May to concentrate on its personalized, targeted e-mail business. It said then that it was seeking a merger or buyout partner and that if it did not find one, it would go out of business. It reduced its workforce to about 35 from a high of 230.


Cross Media said Jonathan Bulkeley, LifeMinders' chairman/CEO, will join the Cross Media board and will take a seat on its executive committee.


Share this article:

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Agency

News Byte: Javelin Marketing Appoints Damron CMO

News Byte: Javelin Marketing Appoints Damron CMO

Longtime agency pro brings extensive healthcare industry experience to the agency.

John Wanamaker Is Dead, Long Live the CMO

John Wanamaker Is Dead, Long Live the CMO

A century-old motto isn't—and shouldn't be—relevant today. CMOs need to get with the times and put their customer knowledge to good use.

Unleashing the True Power of the Customer

Unleashing the True Power of the Customer

Retailers who harness customer loyalty program data can create a customer-centric competitive advantage.