24/7 Media to Cut Off Funding for European Division

Share this content:
Ad serving network 24/7 Media Inc. will stop funding its 24/7 Media Europe operations to concentrate on its North American business, the company said yesterday.


Earlier this year, the ad serving network said it was considering the sale of its European, broadband and professional divisions, as part of an ongoing effort to reduce costs.


Tony Plesner, 24/7 Media's chief operating officer, said in a statement that the divestiture of its European division is another step toward that goal.


"24/7 Media continues to aggressively act upon its strategies to reduce operating costs and to focus on its core businesses in North America," he said. "This focus is essential to our ability to execute our business plan in a difficult market environment."


In May, the company closed its Latin American operations to help cut costs. On May 15, 24/7 said the closing of its offices in Mexico, Brazil, Argentina, Chile and Miami would result in annual savings of $3 million.


24/7 Media also sold its 24/7 Exactis, Sabela Media and Award Track units. Those deals have helped the company reduce its operating expenses by nearly $65 million. The sale of those divisions has added more than $19 million to the company's coffers.


close

Next Article in Direct Mail

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above