The Silicon Alley Reporter reported that DoubleClick CEO Kevin
O’Connor and 24/7
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