Demand Media files for IPO

Plans to raise $125 mln, looks for $1.5 bln valuation

NEW YORK - Internet media company Demand Media late Friday filed for an initial public offering that could raise as much as $125 million.

According to reports, the company eyes a $1.5 billion valuation of its business.

Demand is run by former MySpace chairman Richard Rosenblatt. It mass-produces text and video content and publishes it on a slew of Websites it owns, such as humor site Cracked,com, as well as on outside sites.

In a regulatory filing, it reported a loss of $22.3 million for the first six months of 2010 on revenue of $114 million.
comments powered by Disqus