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Millennial Media Closes Follow-on Offering

Millennial Media, Inc. (NYSE: MM) today announced that it has closed its previously announced follow-on offering of shares of its common stock and that the underwriters have exercised their option to purchase an additional 1,500,000 shares of common stock. As a result, the total follow-on offering size was 11,500,000 shares, which consisted of 921,952 shares sold by Millennial Media and 10,578,048 shares sold by selling stockholders. The net proceeds to Millennial Media from its sale of 921,952 shares were approximately $12.4 million after deducting underwriting discounts and commissions. Millennial Media did not receive any proceeds from the sale of shares by the selling stockholders.

Morgan Stanley & Co. LLC, Goldman, Sachs & Co. and Barclays Capital Inc. are serving as joint book-running managers for the offering, with Allen & Company LLC, Stifel Nicolaus Weisel, Canaccord Genuity Inc. and Oppenheimer & Co. acting as co-managers.

A prospectus for the offering, when available, may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at or by phone at (866) 718- 1649; Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, New York 10282, or by e-mail at or by phone at (866) 471-2526; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at or by phone at (888) 603-5874.

A registration statement relating to shares of the common stock of Millennial Media, Inc. has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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