( TFSM) has agreed to acquire
24/7 Real Media
( TFSM) for about $649 million.
David Moore, CEO of 24/7 Real Media, said in a press release Thursday that the "transaction further validates the importance of emerging, digital media to the global advertising market and 24/7 Real Media's role in strengthening the role of digital media among WPP companies."
The deal, which places a 4% premium on 24/7 Real Media's market cap, given a recent run-up in the stock on hopes of an acquisition, extends the wave of deals taking place in the online ad space.
Recent weeks have seen the $3.1 billion
acquisition of privately held DoubleClick by
, and the $680 million deal by
( TFSM) to acquire the remaining stake in Right Media.
Many onlookers also expect
, which had initiated talks with DoubleClick, to take out another company in the near future.
Shares of 24/7 Real Media gained 3.8% on the news to $11.69. Shares of
( AQNT), two other online advertising concerns, also gained 2.6% and 3.5%, respectively, in early Thursday trading.