MSGI Sells Majority Interest in Fulfillment Subsidiary

Share this article:
Marketing Services Group Inc., New York, NY an integrated direct marketing services firm, announced yesterday that it has sold the majority interest in its Metro Fulfillment Inc. (MFI) subsidiary to Crescent Media Inc.


Terms of the agreement were not disclosed.


"MSGI has retained a minority position in MFI for strategic business purposes, and has sold the majority interest to avoid any future net income erosion related to fulfillment operations," said Jeremy Barbera, chairman and chief executive officer.


Last month, MSGI announced the signing of a binding agreement with CMGI, Inc. to acquire its wholly-owned subsidiary, CMG Direct Corporation, including its business unit known as PermissionPlus, for a combination of stock and cash valued at $26 Million. Upon closing of the transaction, CMGI will become a 15 percent minority stockholder.


"Today as we begin our fourth fiscal quarter, our focus is on the continued business development and expansion of our two channels of operations; Marketing Services and the Internet Group," said Barbera.


MSGI plans to continue making acquisitions and investments in both Internet and marketing services companies.
Share this article:
close

Next Article in Agency

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Agency

John Wanamaker Is Dead, Long Live the CMO

John Wanamaker Is Dead, Long Live the CMO

A century-old motto isn't—and shouldn't be—relevant today. CMOs need to get with the times and put their customer knowledge to good use.

Unleashing the True Power of the Customer

Unleashing the True Power of the Customer

Retailers who harness customer loyalty program data can create a customer-centric competitive advantage.

News Byte: Gartner Retail Expert Joins eCommera as CMO

News Byte: Gartner Retail Expert Joins eCommera as ...

Kevin Sterneckert brings a wealth of knowledge and experience to eCommera.