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BizReport : Advertising : May 18, 2007
WPP snatches up 24/7 Real Media
Yahoo bought out Right Media, AOL snatched up AdTech and Google bought out DoubleClick. Add another media buyout to the list as WPP Group has purchased 24/7 Real Media.
The deal was for $649 million in cash. Shareholders will receive $11.75 per share, about 30% more than the closing price of 24/7 stock over the past two months.
"The digital marketplace is developing very rapidly. 24/7 Real Media brings to WPP very strong capabilities and technological skills in digital media and marketing,” said Mark Read, Strategy Director, WPP and CEO of WPP Digital. “We are looking forward to working with the team at 24/7 Real Media to bring their relationships, skills and technologies to our operating companies and people for the benefit of our clients. As all media go digital, the combination of technology with client relationships and media and marketing expertise will become even more critical in delivering the best solutions to our clients."
The deal is a good one for both organizations, with Real Media showing 43% growth in 2006. Much of that revenue (about 60%) comes from outside the United States.
The 24/7 platform is designed to segment and target consumers through both search and display ad platforms.
Tags: 24/7 Real Media, online marketing, WPP Group
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