Santa Monica, Calif. - Demand Media, Inc. (NYSE: DMD) today announced the appointment of Sean Moriarty as Chief Executive Officer and board director. A seasoned executive, Mr. Moriarty brings 18 years of experience with media and Internet companies, including Ticketmaster and Saatchi Art where he served both companies as CEO. Shawn Colo, Demand Media co-founder and Interim Chief Executive Officer has been appointed President and will join the board of directors.
Prior to Saatchi Art, Mr. Moriarty was the CEO of Ticketmaster where he led the transformation from an offline business to a top 5 global Internet commerce company earning nearly $1.5 billion in annual revenue with a presence in 22 countries. Prior to Ticketmaster, he worked 4 years as EVP of Product and Technology at IAC/Citysearch. Mr. Moriarty serves on a number of boards including Eventbrite, Metacloud, TuneIn, and the Pat Tillman Foundation.
“Sean is a proven leader and a strong operator with a broad range of experience that is uniquely suited to our business,” said Shawn Colo, co-founder and President of Demand Media. “I’m excited to be working closely with him as we enter the next phase of the company’s future.”
Also announced today, Demand Media acquired Saatchi Online, Inc. which operates Saatchi Art, a leading online art gallery. Saatchi Art is driven by its global community of artists, similar to Demand Media’s Society6 marketplace. Saatchi Art is home to more than 45,000 artists selling their original work on the site. In the past six months, artwork has been sold to buyers in 77 countries on behalf of artists in 95 countries.
“Demand Media is an innovative company with a passionate and creative team. Our businesses are very well positioned in large global categories that people care deeply about, including how-to, health and wellness, humor, and art,” said Sean Moriarty. “I’m excited to work closely with the team in fulfilling our vision of building an important, enduring Internet company that serves creators and consumers.”
The company was acquired for total consideration of approximately $17 million comprised of a mix of cash and stock. In the near term, the company expects this acquisition to contribute revenue of $0.5 million to $1 million per quarter and reduce adjusted EBITDA by $1 million to $1.5 million per quarter.