NEW YORK 24/7 Real Media said it struck a deal with Japanese ad giant Dentsu to form a search advertising joint venture.
Called KK 24-7 Search, the joint venture will be the exclusive provider of search services to Dentsu's roster of 6,000 clients. Jae Woo Chung, CEO of 24/7 Real Media Asia, will head the unit.
The move will give 24/7 Real Media access to the Japanese search advertising market, which Dentsu forecasts will be worth $550 million. Joint ventures with Japanese companies are the typical route of entry into the market for foreign companies. 24/7 Real Media opened its Tokyo outpost in February.
24/7 Real Media said it would license its Decide DNA platform for managing search advertising bidding to KK 24-7 Search. 24/7 Real Media acquired the search system last August when it purchased Decide Interactive.
Financial terms of the agreement were not disclosed. 24/7 Real Media said Dentsu would own a "significant minority interest" in the joint venture.