AmericanGreetings.com acquires BlueMountain.com
Cleveland-based American Greetings Corp.’s online subsidiary AmericanGreetings.com has acquired BlueMountain.com from Excite@Home for $35 million in cash.
American Greetings acquired Egreetings.com and BeatGreets.com in March. ``BlueMountain.com is an online pioneer and one of the Internet`s most recognizable names,`` said Josef Mandelbaum, CEO of AmericanGreetings.com. ``We are excited to welcome BlueMountain.com to our existing family of sites, along with AmericanGreetings.com, Egreetings.com, and BeatGreets.com. Our customers and partners can expect us to continue to provide them with unparalleled products and services.``
``The American Greetings family is a natural home for BlueMountain.com,`` said Matt Jones, chief operating officer for Excite@Home. ``For Excite@Home, the sale of BlueMountain.com maps to our action plan to focus on broadband and to bolster our cash position and lower operating costs.``
American Greetings reports that more than 50% of the United States population and 85% of all Internet users visit a greetings site annually. Today, the combined reach of AmericanGreetings.com, Egreetings, Beatgreets.com and BlueMountain.com will exceed 100 million unique visitors each year, according to Jupiter MediaMetrix. On a monthly basis the combined company will be a top 10-web property in terms of unique visitors according to Nielsen//NetRatings rankings.
American Greetings believes the acquisition will not change its online subsidiary`s previously stated goal of reaching profitability in the fourth quarter of the current calendar year.
Back...
