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WPP agrees to buy 24/7 Real Media for $649 million

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New York—Advertising holding company WPP Group announced Thursday that it has signed an agreement to buy 24/7 Real Media in an all-cash transaction valued at about $649 million.

The transaction has been approved by the boards of 24/7 Real Media and WPP, and is expected to be completed in the third quarter.

WPP said the deal would create a combination of technology and services to benefit global marketers. Sir Martin Sorrell, CEO of WPP, said in a statement: “Our clients and therefore our industry are becoming more technology driven. 24/7 Real Media significantly enhances our capabilities, technological resources and talent, as well as adding to our geographic coverage and our measurable skills.”

Microsoft Corp. had also been rumored to be pursuing 24/7.

—Carol Krol

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