NEW YORK America Online yesterday completed its $435 million, all-cash acquisition of Advertising.com.
The purchase of the Baltimore-based company, which helps advertisers develop and execute marketing programs across Web properties, is meant to enable AOL to offer an expanded suite of customized solutions, including branding, paid placement and multimedia delivered on a CPM or performance basis.
At the time the deal was announced in June, Jonathan Miller, chairman and CEO of the Dulles, Va.-based Time Warner Internet unit, said, "This acquisition is a strategic move that will bolster AOL's advertising business, building on the strides made in the past year." [IQ Daily Briefing, June 25]
Separately, Advertising.com today opened a Los Angeles outpost, its fifth U.S. location. Jack McLeod, 30, who has been promoted from sales manager to senior sales director, will lead the four-person Southern California team, which is expected to grow to seven by early 2005.