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Digitas to acquire Modem Media

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Boston—Interactive agency Digitas announced it has signed an agreement to acquire Modem Media, Norwalk, Conn., in a stock swap valued at about $200 million.

Modem Media, founded in 1987 as one of the early interactive agencies, will retain its name. Agency offices will be headed by current managing directors: Michael de Kare-Silver in London; David Lynch in Norwalk, Conn.; and Scott Sorokin in San Francisco.

The agencies share several clients, including AOL, Delta Air Lines and General Motors Corp.

Digitas’ clients also include blue chips such as American Express Co., AT&T Corp. and Microsoft Corp. The agency created the popular American Express campaign featuring Jerry Seinfeld-Superman short films.

The transaction is expected to close in the fourth quarter, pending shareholder and regulatory approval.

—Carol Krol

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