Blagman Acquires Interest in Century Media
Blagman, Los Angeles, said it plans to acquire at least 10 percent of Century Media's stock by the end of August in a stock-for-cash deal. The company has an additional option to acquire the remainder of Century Media's stock for stock and cash.
Further details of the agreement were not disclosed.
Century Media, Santa Monica, CA, bought Williams Worldwide in 1999 and renamed it Century Direct. Williams once was the largest company of its kind in the DRTV industry, boasting $80 million in annual billings, but it had fallen on hard times when it was sold.
Gerald Bagg, executive vice president at Century Media, said the acquisition will provide his company with additional resources needed for continued growth. Blagman recently became a public company with the goal of expanding its direct-to-consumer advertising business and consolidating the direct response industry.