Mediaport set to close

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New York--Mediaport, a media buying portal founded by the three largest advertising holding companies, is planning to shut down, according to executives with knowledge of the situation. Mediaport was created by WPP Group, Interpublic Group of Cos. Inc. and Omnicom Group to move media buying online and take the paperwork out of the process. Michael Lotito, formerly CEO of Mediaport, has been laid off, according to sources.
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