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24/7 Media Rises on NTL Pact
By Meredith Derby
Editorial Assistant
08/27/2002 03:30 PM EDT
24/7 Real Media (TFSM:Nasdaq - news - commentary - research - analysis) saw its shares rise 28% after its Real Media Europe unit received a technology and services contract with the U.K. cable company NTL. Under the deal, NTL will use Real Media's proprietary advertising solution to provide its more than 1 million cable customers with interactive advertisements.
At midafternoon, shares of Real Media were up 6 cents to 27 cents each.
NTL will use Real Media's Open AdStream system for ad management on its high-speed digital TV platform under the two-year contract. Open AdStream will be used by NTL on the major parts of its "two-way broadband network," including interactive TV, the electronic program guide, e-mail and interactive games. Exact financial terms weren't disclosed.
Earlier this month, NTL began seeking potential financing from different parties for its exit for Chapter 11 bankruptcy. The U.S. Bankruptcy Court in Manhattan is scheduled to consider the company's plan of reorganization on Sept. 5.
