24/7 Media to sell European business
LONDON - Online advertising and marketing company 24/7 Media is looking to sell its European business and its broadband unit in an attempt to further cut costs.
The company said that both divisions now fall outside its "strategic focus" on its core group of products, expertise and markets. It has received "strong interest" in both properties and hopes to conclude at least one transaction in the third quarter.
24/7 Media has already offloaded a number of units, including its Sabela technology business, which was snapped up by DoubleClick earlier this month, and its email marketing business 24/7 Exactis, which was sold to Experian. It has also made 300 job cuts since November last year in an effort to reduce costs.
Reports suggest that New York-based rival Real Media is a possible suitor for 24/7 Media Europe, along with DoubleClick, and large media companies such as Vivendi or Bertelsmann.
The news came as the company upwardly revised its expectations for its performance in the second quarter.
It said that the job cuts and sales of Sabela and Exactis have helped the company reduce its operating expenses by about $65m (£45.8m) since November, and its loss per share should improve by 20% in the second quarter compared with the first quarter. First quarter loss was 58 cents (41p) per share.
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