PRIMEDIA, the premier renter resource for apartment and rental home information and listings, announced today that it has completed the acquisition of eBay Inc.'s Rent.com subsidiary. The acquisition creates the industry-leading resource in the fast-growing rental market with reach in all 50 states.
"Our acquisition of Rent.com creates the premier digital network to help consumers find the perfect place to live," said Charles Stubbs, PRIMEDIA President and Chief Executive Officer, who will lead the combined company. "This acquisition demonstrates an unparalleled level of investment to change the industry and best serve our customers."
This investment further solidifies PRIMEDIA's unrivaled leadership position to deliver the most groundbreaking digital solutions and generate the best return on investment of any multi-family provider. The combined company brings together the two leading innovators in the multi-family industry with PRIMEDIA's industry-first mobile applications --- including iPhone®, iPad®, Android, and Kindle Fire® --- along with Rent.com's pioneering pay-per-lease model. Together, PRIMEDIA and Rent.com can deliver a full suite of solutions that no other provider can match.
Consumers can tap into the largest network of rental listings, giving them the greatest selection and most robust content at anytime via any platform of their choice, including mobile devices, web sites, and various social media channels. By connecting the largest consumer and customer bases, along with industry-leading solutions, PRIMEDIA continues to demonstrate its ongoing commitment to the multi-family industry.
The intent to acquire Rent.com was announced on March 22, 2012. Terms of the transaction are not being disclosed.
PRIMEDIA helps millions of consumers nationwide find apartments, houses for rent or new homes for sale through its category-leading web sites and mobile applications, including ApartmentGuide.com, Rentals.com, RentalHouses.com and NewHomeGuide.com. PRIMEDIA continues to simplify the consumer home search and drive leads that result in occupancies for property management companies, landlords, new home builders and real estate professionals. PRIMEDIA was acquired by TPG on July 13, 2011.
TPG is a leading global private investment firm founded in 1992 with $49 billion of assets under management and offices in Fort Worth, San Francisco, Beijing, Chongqing, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. TPG seeks to invest in world-class franchises across a range of industries. Some of the firm's well known investments include Continental Airlines, Burger King, Creative Artists Agency (CAA), Hotwire, Travelocity, J.Crew, Petco and Neiman Marcus.
Rent.com is the leading pay-for-performance internet listing site (ILS) in the rental housing industry and enables renters to find a rental property online using a free, robust search tool. Rent.com allows property managers to cost-effectively fill their vacancies. Prospective renters can search the site's detailed property listings, including contact information, pricing, photos, floor plans, and virtual tours. Rent.com was founded in 2000 and was acquired by eBay, Inc. in February 2005.