Hearst close to iCrossing acquisition: report
“While going through the process of evaluating iCrossing's position in the market, we have spoken with and entered into nondisclosure agreements with many companies,” Kristen Deye, PR manager at the agency, said via e-mail. “It would be inappropriate to disclose the details of any of these discussions.”
The Wall Street Journal reported on April 19 that Hearst is near a deal to acquire the digital marketing agency, calling it “the latest sign of how publishers are going head to head with Madison Avenue to grab some of the growing revenues from online advertising.”
Citing sources with knowledge of the negotiations, the Journal reported that Hearst would pay about $375 million, plus bonus payments, for the agency.
ICrossing hired Bank of America last December to “explore strategic options.” At the time, agency spokesman Dana Mellecker said the company has “many options to fuel the growth of the company.”
A Hearst representative could not be immediately reached for comment.