24/7 Real Media Inc. said Friday that it sold its Latin American operations to a Brazilian company run by local management of 24/7 Real Media. The new company will be called Realmedia Latin America LLC.
Financial terms were not disclosed.
24/7 Real Media's Latin American operations were run from Sao Paulo, Brazil, and Miami and marketed the company's Open AdStream ad serving platform to clients in Brazil, Mexico and elsewhere in Latin America.
Realmedia Latin America retained the right to sell 24/7 Real Media's Open AdStream platform throughout Latin America.
24/7 Real Media's Miami media group will be incorporated into Realmedia Latin America, and its activities will be limited to advertising sales to U.S. and Latin American clients. The company said service-level agreements for Open AdStream already in place with Latin American clients would be unaffected by the division's buyout.
The divestiture of its Latin American division is expected to decrease 24/7 Real Media's cash burn, though the company did not say by how much.