Media giant Ziff-Davis (ZD) said Tuesday that it will sell ZD Market Intelligence to San Antonio-based publishing mogul Harte-Hanks for $101 million. The sale, expected to close in 45 days, also includes another $5 million in revenue obligations.
ZD Market Intelligence, formerly known as Computer Intelligence, is an Internet-based service that compiles and offers background information, operations details and other areas related to technology companies and purchases. Harte-Hanks estimates the company will generate revenue of $50 million in 1999.
ZD reported last May that several companies were interested in purchasing Market Intelligence, and had engaged Morgan Stanley Dean Witter to help them with the sale. In fact, Morgan Stanley also has been retained by ZD to help them explore selling opportunities, and along the way, ZD's majority shareholder, Softbank Corp. decided to focus on companies that operate solely on the Internet.