Separately, 24/7 said it plans an additional public offering of 4 million shares of common stock (see story below).
Under the terms of the deal, 24/7 Media will own 60 percent of InterAd Holdings, which will be renamed 24/7 Media Europe Ltd., and its regionally incorporated offices throughout Europe, effectively making it a subsidiary of the publicly traded company.
24/7 Media said it purchased the interest of a selling stockholder and provided the European operation with a significant investment that will enable it to continue expanding its operations throughout Europe and beyond.
The deal in total is valued at approximately $4 million. Together, the companies will sell advertising, sponsorship and e-commerce solutions in their respective territories from both the 24/7 Network and the 24/7 Media Europe Network site portfolios.
The 24/7 Media Europe Network will be comprised of Web sites in demand by European-national and pan-European advertisers, as well as by global advertisers seeking targeted, language-specific advertising.
The European network currently represents 238 million impressions per month on 64 individual sites. 24/7 Media Europe will feature eight sales offices in seven European countries, and will offer pan-European online advertising solutions available on a local national basis. 24/7 launched 24/7 Media Asia in September of 1998.
“We’ve spent the past year firmly establishing 24/7 as a leading online advertising and direct marketing company in the U.S.,” said David J. Moore, CEO of 24/7 Media. “As a result, we are now in a better position than ever to expand into Europe. InterAd is one of Europe’s most effective and highly-respected sales groups, and our agreement with them clearly adds a formidable global dimension to our business.”
“We’re pleased to collaborate with 24/7 Media and its team of creative media experts,” said Gordon Simpson, CEO of InterAd Holdings Ltd. “With our shared strengths in providing strategic media and marketing-based solutions, we’re convinced that this partnership will contribute significantly to the future success of both our companies.”
InterAd Holdings Ltd. was formed by the European staff of Softbank Interactive Marketing about the time the latter was taken over by Zulu-tek.. InterAd’s regional offices are located in Barcelona, Brussels, Hamburg, Lisbon, Madrid, Milan, and Paris..
24/7 Media, which says it reaches about half of all online users in the U.S., operates The 24/7 Network comprised of more than 125 name-brand Web sites organized into content channels, as well as The ContentZone, a network of more than 2,500 small to medium sites. In addition, the company owns and operates 24/7 Profilz, an online co-op database of Web user profiles that can be deployed with 24/7’s Adfinity adserving system.
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