Financial specifics were not disclosed.
“We believe there is a natural compatibility between radio stations and Web sites: both provide highly specialized content which is free to the user and paid for by advertising dollars,” said Ralph Guild, CEO of Interep. “Relying on BURST!’s understanding of the Internet advertising space and Interep’s leadership in radio sales, we intend to capitalize on these synergies.”
BURST! provides advertising representation and ad management technology to more than 2,500 member Web sites.
The company said the sale of a minority stake underscores its plan for more rapid expansion.
“At BURST!, we have truly bootstrapped the company since its founding in 1995, and we believe the online advertising marketplace is finally ready for more rapid growth,” said Jarvis Coffin, CEO of BURST! “We are convinced it is the right time to expand our sales force, as well as meaningful benefits for our Web site members. Interep’s strategic investment will help us invest in our future. . .”
Both BURST! and Interep are privately held.
Interep, with offices in 15 cities and annual billings of more than $1 billion, represents over 2,000 radio stations nationwide. Interep is the parent of ABC Radio Sales, Allied Radio Partners, Caballero Spanish Media, CBS Radio Sales, Clear Channel Radio Sales, D&R Radio, McGavren Guild Radio, as well as the Interep Networks, Sports Marketing and support services including research, promotion marketing and its new business development team, Radio 2000.
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