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Tech publisher Ziff Davis acquired by business cloud services provider J2 Global

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Ziff Davis, a longtime publisher of tech and gaming websites and magazines, has been purchased by business cloud services company J2 Global, the company announced yesterday.

J2 Global paid $167 million in cash for the media company. It expects that the transaction will provide an immediate return, contributing $60 million to its 2013 revenue.

"We have years of experience and significant interest in the digital media and online marketing space," said Hemi Zucker, J2's chief executive officer, in an investor release about the purchase. "This acquisition brings scale to this effort with a top leadership team deeply committed to building the business through organic growth, which we expect to continue." J2's web-based services include the free online fax site eFax.

Ziff Davis' current family of tech sites includes Geek.com and PC Mag. The company was a media giant in the early days of the web, managing major properties such as the magazines Electronic Gaming Monthly, Computer Gaming World and Games for Windows: The Official Magazine; tech and gaming outlets including ZDNet, TechTV, GameSpot and the 1UP family of sites; and the annual public media conference DigitalLife. But it filed for bankruptcy in 2008 and sold its gaming sites, including 1UP and GameVideos, to Hearst the following year, before Hearst sold 1UP to IGN in 2011.