WebMD Puts Itself Up for Sale
Shares of WebMD Health rose 3% in after-hours trading Thursday, Feb. 16, after the health information services company said it is exploring strategic alternatives, among them a potential sale of all or part of the company.
The alternatives could also include a merger with another party or continuing to execute on the company’s business plan.
The stock was trading at $53.06 after finishing Thursday’s trading session at $51.51, up 0.4%.
WebMD tapped J.P. Morgan Securities LLC as its financial adviser and Shearman & Sterling LLP as its legal adviser on the strategic review.
New York-based WebMD made the announcement as it announced fourth-quarter numbers. The company reported fourth-quarter adjusted Ebitda of $78.1 million, up 16% from a year ago, and revenue of $207.5 million, up 8% year-over-year.
The company saw changes in the C-suite last year. In September, Steven Zatz became CEO after David Schlanger left by mutual agreement with the company. A week later, WebMD appointed Blake DeSimone as chief financial officer, succeeding Peter Anevski, who left the firm.