Meredith Corp. has sold the 60% stake it owns in ad tech company Viant to its co-founders.
Meredith acquired the stake when it bought Time Inc.
The companies agreed to extend their long-standing commercial data agreement.
Financial terms were not disclosed.
"Our new independence will allow us to further expand our identity resolution capabilities by creating additional partnerships similar to what we’ve accomplished with Meredith,” said Tim Vanderhook, Viant co-founder and CEO. “Our current momentum speaks volumes for our outstanding team and the incredible opportunity that exists in this industry.”
The deal comes at a time with ad tech companies are being acquired as scale becomes more important to the advanced advertising business.
"We are pleased to find a great outcome for what is a very strong ad tech business," said John Zieser, chief development officer at Meredith."Viant will remain an on-going data partner as we continue to jointly engage in value creating opportunities."
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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