The L.A. Times reports that Demand Media, a content and social media company, has purchased the online art gallery Saatchi Art for $17 million. Another facet of the deal is the naming of Saatchi Art’s CEO Sean Moriarity as the new CEO of Demand Media. An affiliate of the Saatchi Gallery in London, the L.A. based Saatchi Art sells original artwork as well as prints for mid-market prices. The article reports that Demand Media expects the online gallery to add up to $1 million in quarterly revenue.
Read more at The L.A. Times