DoubleClick Sells Media Business to L90
DoubleClick Inc. said yesterday that L90 Inc. will acquire its North American media business for $5 million cash and 4.8 million shares of stock in a deal expected to close early this month. DoubleClick stands to receive an additional $6 million based on undisclosed future performance conditions being met.Upon the close of the transaction, L90 will change its name to MaxWorldwide and relocate its corporate headquarters from Los Angeles to New York. Mitchell Cannold will be CEO of the newly named company.
The sale will let DoubleClick, New York, focus on advertising technology and data solutions as opposed to ad sales, while MaxWorldwide will focus on ad sales.
In October, DoubleClick bought L90's technology assets, adMonitor ad-serving and tracking platform and its ProfiTools marketing platform.
Meanwhile, in keeping with its focus shift toward the data business, DoubleClick said last week that it will acquire Claritas Europe's 50 percent interest in the Abacus Direct Europe business, making DoubleClick the sole owner. Terms of the deal were not disclosed.
The Abacus UK Alliance cooperative database has 250 participants and data on 26 million households. Claritas will continue to provide data products to Abacus' European operations over the next five years.
