Revolution Health To Merge With NY Firm
A privately held online health information company has bought former AOL chairman Steve Case's Revolution Health in a deal the NY Times said was worth $300 million.
The acquirer, Waterfront Media, runs the Everyday Health Network of sites. Together with Revolution Health, the combined company should generate enough online traffic to compete with the likes of WebMD.
Staff writer Tom Heath reported that talks between the companies were underway early last month. At the time, Waterfront was mum.
Here's what Waterfront said in a release this morning.
Waterfront Media CEO and co-founder Benjamin Wolin will remain chief executive officer of the new company. Steve Case, chairman and CEO of Revolution Health Group, and an additional member of Revolution Health's board of directors to be named later, will join the Waterfront Media board of directors. The company will keep the name Waterfront Media, and will operate all sites under the Everyday Health Network. The company will remain headquartered in Brooklyn, NY. Doug McCormick, former CEO of Lifetime TV and iVillage, will remain chairman of the company. Mike Keriakos will remain president of the company. Financial terms were not disclosed.
Case will continue to have a hand in other health ventures, according to the release:
Revolution LLC -- the parent company of Revolution Health -- will continue to maintain its broad health portfolio through investments in RediClinic, a leading convenient care provider; Extend Health, a leading provider of defined contribution programs; Brainscope, which develops breakthrough technology that assesses brain function at the initial point of care; and SparkPeople, an online community that empowers users to change their lives for the better.
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