Demand Media, a company focused on digital content and advertising, has appointed Sean Moriarty as CEO and a member of its board in tandem with a $17 million acquisition of Saatchi Art, where Moriarty has been serving as CEO.
Demand Media, which announced the hire on Monday (August 11), said Demand Media co-founder and interim CEO Shawn Colo has been appointed president. Colo will also join the company’s board.
Before leading Saatchi Art, an online art gallery that shares similarities to Demand Media’s Society6 marketplace, Moriarty was CEO of Ticketmaster. Before that, he spent four years at IAC/Citysearch in the role of EVP of product and technology. Moriarty currently serves on the boards of Eventbrite, Metacloud, TuneIn, and the Pat Tillman Foundation.
“Sean is a proven leader and a strong operator with a broad range of experience that is uniquely suited to our business,” Colo said, in a statement. “I’m excited to be working closely with him as we enter the next phase of the company’s future.”
“Demand Media is an innovative company with a passionate and creative team. Our businesses are very well positioned in large global categories that people care deeply about, including how-to, health and wellness, humor, and art,” Moriarty, added.
Demand Media said it expects the acquisition of Saatchi Art to contribute revenue of $0.5 million to $1 million per quarter and reduce adjusted EBITDA by $1 million to $1.5 million per quarter.
Demand Media posted a second quarter net loss of $14.3 million on revenues of $89.8 million, down from $101.1 million in the year-ago period.
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