Cox Digital buys IB Local Network
The acquisition will broaden Cox Digital's reach and “gives us the ability, short of search, to meet any type of advertising need at agencies, whether they are trying to target nationally or locally,” said Steve Shaw, president of Cox Digital Solutions.
He added there were several similarities between IB and Cox Digital. “They were doing the same pretty advanced audience and behavior targeting that Cox was doing,” said Shaw. “IB Local Network is a good fit with CDS.”
IB's operations, including products and customers, will be integrated into Cox through next week, Shaw said. After the acquisition, Cox Digital Solutions employs more than 150 staff across 10 markets and has the ability to provide a mix of local and vertical content, Cox says.
Internet Broadcasting did not respond to comments by press time. However, Roger Keating, interim CEO of Internet Broadcasting and SVP of digital media at Hearst Television, said in a statement that the sale will help his company concentrate on its core digital publishing platform and services business.
Cox Reps, which is owned by Cox Media Group, created Cox Digital Solutions on January 11 by merging Adify, its vertical ad network management and media services firm, with Cox Cross Media, its digital sales arm. That deal brought together “two different assets that were very similar,” said Shaw.
“CCM targeted 1,300 local media sites, and Adify [targeted] 5,000 to 7,000 national media sites,” he said. “By combining the two, it allows us to [better] compete.”
Terms of the deal were not disclosed.