New York City-based Internet ad network 24/7 Media Inc., which said last week
that it is closing
some offices and shedding about 100 jobs, reported a little good news
today, saying its Broadband & Professional Services division won a broadband
contract with Verizon.
Verizon Avenue, headquartered in Lake Forest, Ill., has marketing contracts
24/7 said that its broadband unit, formerly IMAKE Software & Services Inc.,
will provide broadband digital media management, real-time subscriber
management and video-on-demand system integration to Verizon Avenue, a
division of Verizon Communications
video-on-demand services.
Financial terms were not disclosed, but the win certainly will be a boost for
the troubled company, which has said it is continuing to pursue and evaluate
all strategic options, including a possible sale of certain assets, to
finance its ongoing operations. Through all of 24/7 Media’s troubles though, the company’s broadband division has been one of the bright spots in the company’s otherwise cloudy situation, with 24/7 executives expressing high hopes about its revenue potential.
24/7 stock was unchanged in the early going at 34 cents a share. Its 52-week
high is $39.50.
Verizon Avenue will use 24/7 Media’s e.merge software to track and manage
video-on-demand subscribers in real-time and facilitate distribution.
“With e.merge we can offer our customers a wide variety of product packages
and services with different pricing plans based on their personal interests
and tastes,” said Michael Thompson, vice president of video services at
Verizon Avenue.
for video services to 690,000 multiple dwelling units in 31 states.
