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International news: WPP to buy 24/7 Real Media

WPP Group has signed an agreement to purchase online advertising company 24/7 Real Media for approximately US$649 million in cash. The deal will give WPP ownership of 100% of 24/7’s shares. Both boards of directors have approved the agreement and recommended it to their shareholders. The deal is expected to be completed in the third quarter of 2007. “The digital marketplace is developing very rapidly,” said Mark Read, strategy director at WPP and CEO of WPP Digital. “24/7 Real Media brings to WPP very strong capabilities and technological skills in digital media and marketing. As all media go digital, the combination of technology with client relationships and media and marketing expertise will become even more critical in delivering the best solutions to our clients.”

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