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BREAKING NEWS & VIEWS
Hearst Acquires Marketing Services Firm iCrossing Like Meredith, which has acquired ad agency Genex and mobile ad firm Hyperfactory, Hearst is broadening its portfolio well beyond its core business of publishing Cosmopolitan, Esquire and other print and digital properties. As advertisers shift their marketing budgets into a diverse set of non-media efforts, publishers are trying to recapture that lost revenue by providing new marketing services like search and custom content work. The value of the deal was not disclosed, but the Wall Street Journal is reporting this morning that the transaction will be worth at least $325 million. “This move today is further diversification of our lines of business,” Frank Bennack, Jr., CEO, Hearst, told the Journal. iCrossing will operate as an independent company within the newly formed Hearst Marketing Services unit. The new group will be run by Matthew Petersen, a former Meredith executive. Investment banking firm Jordan, Edmiston Group was the financial adviser on the deal. If you have breaking news to share please contact Steve Smith at ssmith@accessintel.com COMMENTS
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