« Munich's Clean Mobile Raises €3.3M | Main | Israeli Search Engine Marketing Firm Kenshoo Wins Backing of London VC Firm »
April 09, 2008
London's UTarget Video Ad Network Sells Majority Stake To Fox
FOX Networks has bought a majority stake in Utarget, an online advertising network based in London. Financial terms of the deal were not disclosed. But .Fox Networks picked up 56% of Utarget. In 2007, Utarget received investment from Foresight Partners.
Utarget operates an ad network focused on online video. It owns Britain’s Premium Video Advertising Network which is comprised of more than 600 U.K. Web sites. FOX has already rebranded the firm as Utarget.Fox. They say it will work with Fox Interactive Media Audience Network to provide ads to News Corp sites and third parties.
Utarget was founded in 2000 by CEO Phil Cooper who had launched an internet portal for over- 50s (www.50connect.co.uk) in 2000. He says he sold that business in 2005 "for a 7-figure sum" and raised venture capital in 2006 to expand it into Europe and online video advertising. The firm had previously announced a partnership with Blinkx.
DotFox's CEO says that UTarget was paid a nice multiple on its revenues which he says were north of $9.9M from the last 12 months.
News Corp. and Fox have operated behind the scenes in online advertising but they are putting together a global footprint the likes that only Google and AOL can match. We expect that they might take a stake in a large indie ad network (Tribal Fusion is rumored to be in play). Match the properties that they own plus a powerful ad sales force and technology and you have a monster new player to content with.
View - site
Posted on April 9, 2008 01:23 AM | Posted to Advertising | Permalink
Trackback Pings
TrackBack URL for this entry:
http://www.thealarmclock.com/mt/mt-tb.cgi/6937
