24/7 Media Considers Selling Assets
Mar 22, 2001, 9:47 AM
24/7 Media, an online advertising company, said in a conference call yesterday that its fourth quarter loss widened considerably from a year ago, and the company warned of slower growth in the next two quarters due to the current ad climate, and growing economic uncertainty. 24/7 reported a fourth-quarter loss of $677.1 million, or $15.96 a share. In order to "weather the storm," the company has secured a two-year equity credit line, giving it the potential to raise $50 million in financing. Chief Executive David Moore said that the company was engaged in discussions about other investments in the company, and the sale of assets, that could lead to a cash infusion in the company. Through the end of last week, the Company sold approximately 775,000 shares of chinadotcom stock, which yielded approximately $5.3 million in additional proceeds.
- Adam Bernard