24/7 Sells iPromotions Unit

NEW YORK 24/7 Real Media said that it has sold a majority stake in its iPromotions division to a group of private investors, including employees.

After reviewing its long-term strategy, 24/7 decided to divest itself of the online promotions unit it bought two-and-a-half years ago in order to focus on its media, search optimization and ad-serving operations, according to chairman and CEO David Moore.

The New York interactive media and technology company will retain a minority interest in and a strategic partnership with iPromotions. Financial terms were not disclosed.

Seattle-based iPromotions primarily helps travel and destination marketers such as airlines and hotels manage their online campaigns.