MediaPassage shuts down

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Seattle--Internet company MediaPassage has called it quits. The company's Web site, which was set up to buy and sell print media, ceased operations on Monday and let go about 150 employees. MediaPassage, which was formed in January 1997, had been looking for a buyer in recent months. Several factors contributed to its decline, including uncertain profitability and competitive pressure from MediaPort, a joint online ad exchange under development by the nation's three largest ad agency holding companies-Omnicom Group Inc., WPP Group plc and Interpublic Group of Cos.-and the Newspaper Industry Communications Center.
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