Adauction floats barge, keeps bidders at bay

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Latest media property to be floated by a barge in San Francisco Bay, sailing past gridlocked Silicon Valley commuters on Highway 101 and the East Shore Freeway.

The barge, which is owned by Regency Outdoor Advertising's California Outdoor, has massive sails that can bear a billboard pitch.

With Highway 101 billboards sold out, barge boards are likely to command a premium when they go up for bid this week. Opening bid: $35,000 for two weeks or $48,000 for three weeks.

Adauction already has sold one week to Convergence Partners, a venture capital firm that happens to be an Adauction investor; Adauction Senior VP Neil Cohen stresses that Convergence paid full freight for the space.

Eric Di Benedetto, general partner at Convergence, says he'll use the barge to get attention as Convergence closes its second fund.

The barge, he says, is a more efficient vehicle to reach start-ups as well as prospective management talent than would be an ad in publications such as The Wall Street Journal.

Copyright September 1999, Crain Communications Inc.

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