Modem Media To Place 7.2 Million Shares on Table

Interactive-marketing firm Modem Media plans a public offering of 7.2 million shares being sold by stockholder Interpublic Group and Modem Media’s co-founders, the companies have said.

IPG, which owns 11 million shares or 43 percent of Norwalk, Conn.-based Modem Media, plans to sell 7 million shares. Company chairman Gerald O’Connell wants to sell about 150,000 shares, and Modem Media director Robert Allen intends to sell about 50,000 shares. The sale’s timing and pricing have yet to be set, pending mandatory review of the proposed offering by the Securities and Exchange Commission.