Alloy Acquires Carnegie Communications

Posted on April 13, 2001

Alloy Online, Inc., a media company targeting Generation Y, announced that it has acquired Carnegie Communications, a resource providing information about colleges and universities and the college application and admissions process. Under the terms of the agreement, Alloy has issued approximately 1.3 million shares of stock and paid $5 million in cash and future consideration to complete the acquisition.

Founded in 1986 with its flagship publication, Private Colleges & Universities (PC&U), Carnegie publishes more than 30 annual publications targeting high school students by region, academic interest, and achievement level. The magazines and complementary websites profile leading colleges and universities, such as Harvard, MIT and the University of Southern California, and serve as a recruiting tool for the institutions. Profiled institutions are charged a fee to appear in Carnegie's publications and websites. Carnegie estimates that 3.7 million high school students, parents and guidance counselors receive Carnegie's publications. Carnegie's websites include privatecolleges.com, acuinfo.com and collegeXpress.com.

Matt Diamond, Alloy's co-founder and CEO, commented, ``We are extremely pleased to complete this acquisition as it further advances our convergence media model and connects with an exciting complementary market for Alloy. Alloy is dedicated to providing teenagers with the best information on the subjects that they are most interested in, whenever and wherever they want to access it. This acquisition allows us to provide important information about colleges and universities to our teenage audience, while adding academic institutions to our sponsorship revenue base.''

Joe Moore, CEO of Carnegie, added, ``We are excited to bring together the assets of Carnegie and Alloy, two of the leaders in serving the teen market. We look forward to leveraging the power of Alloy's database and marketing relationships to grow the Carnegie business and better realize the economic opportunities in the college recruiting market.''