• by Mark Walsh  @markfwal, January 6, 2012

Media and digital advertising industry luminary Wenda Harris Millard is among those who stand to benefit from the planned initial public offering of mobile ad network Millennial Media. The company on Thursday filed to raise up to $75 million in an IPO, valued at $700 million to $1 billion, according to a Bloomberg report.

Millard, president and COO of media consulting firm MediaLink, joined Millennial’s board as an outside director in May 2009 and is listed among the company’s principal shareholders and sellers in its S-1 documents filed with the SEC. The former Yahoo ad sales chief and co-CEO of Martha Stewart Living Omnimedia holds 522,000 Millennial stock options, which vest in monthly installments through May 2012.

Because the exercise price of those options is not disclosed and Millennial has not yet priced its shares for the IPO, it’s dfficult to know how exactly much Millard or any of the other stockholders could reap through the offering. But it could reach into the millions with a favorable strike price and a successful public offering.

That’s hardly guaranteed in a choppy IPO market, however. Zynga, the high-flying social game developer, for instance, flopped in its market debut last month. And mobile marketing firm Velti -- a closer comparison to Millennial -- is now trading at about half its $12 IPO price from last January.

As an outside director, Millard already receives $2,500 for each board meeting attended in person and $1,000 for each meeting she participates in by phone, according to Millennial’s filing. To date, that compensation has amounted to $5,500.

Beyond that, the filing shows Millennial paid Millard’s firm MediaLink $142,517 in fees in 2011 for strategic advisory services provided through an agreement with MediaLink CEO Michael Kassan.

Millennial reported $69.1 million in revenue for the nine months ended Sept. 30, more than double the total for the year-earlier period. But the company is still not profitable -- with a loss of $417,000 through Sept. 30, down from $5.4 million a year ago.