Marketing Services Group Inc., New York, an integrated marketing and Internet services firm, has sold the majority interest in its Metro Fulfillment Inc. subsidiary to Crescent Media Inc.
Terms of the agreement were not disclosed.
Last month, MSGI announced plans to acquire CMGI’s wholly owned subsidiary, CMG Direct Corp., including its business unit known as PermissionPlus, for a combination of stock and cash valued at $26 million. Upon closing of the transaction, CMGI will become a 15% minority stockholder.
“MSGI has retained a minority position in MFI for strategic business purposes, and has sold the majority interest to avoid any future net income erosion related to fulfillment operations,” said Jeremy Barbera, chairman and CEO, in a statement.
The MSGI Internet Group provides Internet marketing, e-commerce applications, Web development and hosting, online ad sales and consulting.
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