24/7 Real Media Acquired by WPP
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Despite rumored talks between the company and Microsoft, 24/7 Real Media was acquired Thursday by UK ad agency WPP Group for about $649 million. The move further consolidates the growing online ad market. Last month, Google acquired DoubleClick while Yahoo picked up Right Media.
A report last month claimed Microsoft was considering making a $1 billion offer for 24/7 after the company put itself up for sale in April. WPP says it will retain 24/7's management and use the company to expand its geographic presence. "The transaction further validates the importance of emerging, digital media to the global advertising market," remarked 24/7 CEO David Moore.