Multichannel marketer Cross Media Marketing Corp. said yesterday it will acquire Montana-based direct marketer JWE Enterprises Inc. for about $10 million in cash and stock. Cross Media also will purchase JWE Enterprises' 25 percent interest in their jointly owned J Cross Marketing Inc. subsidiary.
Under terms of the agreement, in addition to the $10 million in cash and Cross Media stock, Cross Media, New York, will pay JWE Enterprises $4 million over the next three years if JWE reaches certain performance milestones.
The deal is expected to close within the next 60 days.
JWE Enterprises is a magazine telemarketing firm that does business under the name of Big Sky Marketing. Cross Media and JWE Enterprises launched J Cross marketing in August 2001.
In October 2001, Cross Media acquired LifeMinders, a company that sends people e-mail reminders and other content based on personal interests, for $68.1 million in cash and stock. The company has since restructured LifeMinders in an effort to turn the e-mail division from a largely advertising-driven property to a commerce-oriented one.
