DoubleClick, 24/7 Said to Be Talking Merger
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The Silicon Alley Reporter reported that DoubleClick CEO Kevin O'Connor and 24/7 Media brass "reportedly have been holed up in a hotel for over a week discussing terms for the deal."
The SAR quoted sources as saying that DoubleClick, which has a $5.4 billion market capitalization, would acquire 24/7 Media, currently valued at $870 million. The proposed merger calls for 24/7 to be acquired in a deal valued at about $1.5 billion.
Spokesmen for the two companies declined to comment on the possibility of a
was trading at around $133.75 in midafternoon, down from a day's
igh of $136. 24/7 (TFSM)
was trading at $41, down from an opening price of $44.
Any such deal would create what likely would be the largest global Internet
advertising network. Media Metrix's August 1999 report had DoubleClick's