WPP Group PLC acquiring 24/7 Real Media Inc. for $649 million

WPP Group PLC is the world’s second-largest advertising and marketing conglomerate and they have announced their decision to acquire online advertising company 24/7 Real Media Inc.

The deal is worth around $649 million. This deal is just the latest example of how the older generation advertising companies are working hard on getting on the web.

Internet advertising is growing far faster than other kinds of media such as television, radio and newspapers.

WPP Group PLC is going to pay $11.75 per share for 24/7 Real Media. This price is a 30% premium over the current prevailing price of the company.

Microsoft was another company which was rumored to be in the hunt to acquire 24/7 Real Media Inc.

Google also just recently acquired DoubleClick for a mega $3.1 billion. Yahoo responded by acquiring online ad exchange Right Media Inc. for $680 million last month.