TN Technologies completes acquisition of Modem Media

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True North Communications' TN Technologies unit will acquire Modem Media in a stock deal valued at $29 million that brings together two of the biggest and strongest names in the interactive business. True North will simultaneously file for an initial public offering for the TN Technologies unit.

Modem will retain its name and become a unit of TN Technologies. Greg Blaine, chairman-CEO of TN Technologies, will keep his title and head up the combined company. G.M. O'Connell, founder and partner in Modem Media, will be president-chief operating officer. Modem's two other partners, Robert Allen and Doug Ahlers, will serve as president of Modem Media and president of TN Technologies' Relationship Technology Group, respectively.

Modem Media will receive $25 million in True North common stock at the closing of the deal, expected in November. It will receive an additional $4 million upon completion of the IPO. Modem will retain a substantial minority interest in the new combined company.

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