Media Inc (24/7) - Began Operations In 1998

24/7 Media was formed in New York City by a merger of three companies involved in online advertising: Petry Interactive, Interactive Imaginations, and Katz Millennium Marketing. The formation of 24/7 Media was announced in December 1997, and the merger was completed in April 1998. David Moore, who was CEO of Petry Interactive, became 24/7 Media's CEO in February 1998. In its first year 24/7 Media raised $45.5 million through an initial public offering (IPO) in August 1998, with shares offered at $14 each. The company planned to grow through acquisitions and to challenge online advertising industry leader DoubleClick.

At its inception, 24/7 Media represented about 200 medium and large-sized Web sites with a staff of 30 sales representatives. By the end of 1998 the company was operating three ad networks and representing thousands of mostly small and medium-sized Web sites as well as 100 to 200 major Web sites. During the year it acquired the CliqNow network of 75 financial, college, and travel-related sites from K2 Design for $4 million in cash and stock. In another acquisition, 24/7 Media purchased Intelligent Interactions, which developed an ad-serving product called Adfinity, for $7.7 million in stock.