RealTime IT News

OneMediaPlace Taps CMGI, Media Giants in Financing Round

OneMediaPlace -- formerly Adauction.com -- this week secured $67 million in private investment financing led by CMGI @Ventures.

Media firms PRIMEDIA , Liberty Media , and the French investor Artemis were the benefactors for the advertising marketplace. CMGI @Ventures first infused OneMediaPlace with $25 million in April.

Funding will be used to develop OneMediaPlace as the leading global electronic media market place. OneMediaPlace combines a resource destination with a global, media marketplace operating system.

This partnership investment is a companion deal to the first joint effort made by the newly formed alliances created by CMGI and Liberty Media's who each grabbed a 5 percent stake in PRIMEDIA last March.

"The OneMediaPlace strategy and platform are well-suited to facilitate incremental advertising revenue opportunities for a number of our niche media products," said Tom Rogers, chairman and chief executive officer of PRIMEDIA.

"We see this partnership as an opportunity to broaden our product offerings to both the current advertisers as well as a tool to develop broader advertising relationships."

With over 70 firms in its fleet, CMGI has slowed its acquisition pace in recent months, settling for a series of infusions in recent months. In February, CMGI took a 5 percent slice indivine Interventures Inc.

Last month, CMGI led Sun Microsystems Inc. and Novell Inc. in a joint venture to supply network services to Web sites and to application and Internet providers.