A Little Good News at 24/7
Troubled ad network scores a major contract to provide broadband managementto a Verizon video-on-demand unit.
Troubled ad network scores a major contract to provide broadband managementto a Verizon video-on-demand unit.
New York City-based Internet ad network 24/7 Media Inc., which said last week that it is closing some offices and shedding about 100 jobs, reported a little good news today, saying its Broadband & Professional Services division won a broadband contract with Verizon.
24/7 said that its broadband unit, formerly IMAKE Software & Services Inc., will provide broadband digital media management, real-time subscriber management and video-on-demand system integration to Verizon Avenue, a division of Verizon Communications
Financial terms were not disclosed, but the win certainly will be a boost for the troubled company, which has said it is continuing to pursue and evaluate all strategic options, including a possible sale of certain assets, to finance its ongoing operations. Through all of 24/7 Media’s troubles though, the company’s broadband division has been one of the bright spots in the company’s otherwise cloudy situation, with 24/7 executives expressing high hopes about its revenue potential.
24/7 stock was unchanged in the early going at 34 cents a share. Its 52-week high is $39.50.
Verizon Avenue will use 24/7 Media’s e.merge software to track and manage video-on-demand subscribers in real-time and facilitate distribution.
“With e.merge we can offer our customers a wide variety of product packages and services with different pricing plans based on their personal interests and tastes,” said Michael Thompson, vice president of video services at Verizon Avenue.
Verizon Avenue, headquartered in Lake Forest, Ill., has marketing contracts for video services to 690,000 multiple dwelling units in 31 states.
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