Women's-interest portal iVillage says it has completed its $47 million acquisition of rival Women.com Networks. iVillage said it acquired all outstanding shares of Women.com, which will operate under the iVillage Network. In addition, iVillage said it completed a $20 million investment from Hearst Communications, a unit of The Heart Corp. and other former Women.com stockholders. iVillage said CEO and Chairman Doug McCormick will continue his roles at the company; former Women.com CEO Marleen McDaniel has left to pursue other interests.
In February, New York-based iVillage announced its intention to buy San Mateo, Calif.-based Women.com. A few months later, more than a third of Women.com staffers received notice that their jobs would be eliminated after the acquisition closed.