The acquisition by MaxWorldwide, formerly L90, of DoubleClick Inc.'s North America media business was completed yesterday.
MaxWorldwide offered 4.8 million shares and paid $5 million in cash to consummate the deal with DoubleClick. Another $6 million has been promised upon meeting performance conditions.
With this deal, MaxWorldwide claims its online marketing services and reach now rival AOL, MSN and Yahoo.
A number of DoubleClick media employees will move to MaxWorldwide as part of the deal. DoubleClick Chairman Kevin O'Connor will soon join the board of MaxWorldwide too.
DoubleClick, New York, will now focus on technology and data solutions. In a reverse transaction in October, DoubleClick bought the then-L90's technology assets, adMonitor ad serving and tracking platform, and ProfiTools marketing offering.
The MaxWorldwide deal is yet another sign of DoubleClick's drift toward the data business. The company last week said it will buy Claritas Europe's 50 percent interest in the Abacus Europe business, making DoubleClick the sole owner of that firm. Terms were not disclosed.
Meanwhile, DoubleClick reported second-quarter revenue yesterday of $75.7 million, down from $83.7 million in the first quarter. Operating expenses were $48.1 million, 9 percent lower than in the first quarter and the lowest level since 1999.
