The transaction, which is is subject to customary closing conditions, is expected to close in second quarter of 2012.
Upon closing, PRIMEDIA President and CEO Charles Stubbs will lead the combined company.
Founded in 2000 and acquired by eBay in February 2005, Santa Monica, CA-based Rent.com is a pay-for-performance internet listing site (ILS) in the rental housing industry. Led by General Manager Bill McKnight, Rent.com, it enables renters to find a rental property online using a free search tool and allows smaller property managers to fill their vacancies. Prospective renters can search the site’s detailed property listings, including contact information, pricing, photos, floor plans, and virtual tours.
Acquired by affiliates of TPG Capital in July 2011 (read here), PRIMEDIA provides extensive apartment and rental home resources including web sites and mobile applications such as ApartmentGuide.com, Rentals.com, RentalHouses.com and NewHomeGuide.com. Its resources will be complemented by Rent.com’s pay-for-performance business model and the new combination is expected to provide advertiser clients a more comprehensive suite of products that deliver high quality leads and leases.