RealTime IT News

Rare Medium Completes $20.5 Million Recapitalization

New York City-based interactive agency Rare Medium has completed a $20 million recapitalization, raising operating capital by $8 million while eliminating $12.5 million in debt, according to published reports.

Rare Medium CEO Glenn Meyers told the Silicon Alley Reporter that the move was "a gating event to future," indicating that the new and freed-up funds would be used to aid general development of the company.

According to Meyers, the company will close recent acquisition deals, fill top management positions, and begin to explore development possibilities in the e- commerce sector.

Meyers also said the event--and Rare Medium's $150 million market cap-- will separate the company from "the bottom half of the pack." As part of the action, the company changed its name to Rare Medium Group Inc.