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The Knot ties the knot with WeddingChannel.com
In a move that will advance its base as a web retailer and content provider, The Knot Inc. is acquiring The WeddingChannel.com Inc. for $58 million in cash and 1.1 million shares of common stock.
In a move that will advance its base as a web retailer and content provider, The Knot Inc. is acquiring The WeddingChannel.com Inc.
Under the terms of the agreement, The Knot, No. 343 in the Internet Retailer Top 500 Guide to Retail Web Sites, will pay approximately $57.9 million in cash and issue 1,150,000 shares of its common stock in exchange for all of the capital stock and stock options of WeddingChannel. "We look forward to leveraging the complementary strengths of our two businesses to better serve the needs of our audience and, by doing so, we will become a more effective marketing resource for our advertisers," says The Knot chairman and CEO David Liu. "Together, our unique businesses will enhance our offerings for the wedding market and further cement the relationships we establish with our members."
The merger has been approved by the boards of directors of both companies. "Our two companies have taken different paths to satisfy different segments of the bridal market including engaged couples, their gift buying guests and advertisers," says WeddingChannel.com CEO Adam Berger. "By joining forces, we are better positioned to offer the best products and services to the broadest audience and create more lifestage opportunities."
The Knot is one of the largest online retailers of wedding supplies and favors. In 2005, The Knot posted e-commerce sales of $12.6 million.