Cox scoops up Adify
Cox Enterprises, the parent company of Cox Newspapers and cable company Cox Communications, is buying online advertising firm Adify for at least $300 million — not a bad multiple on revenues of $7 million in 2007 and an expected $35 million this year, according to paidContent.org.
“By any standards, it is a very rich deal,” paidContent’s Rafat Ali wrote. Adify creates custom online ad platforms for customers like the Guardian and Forbes. Reuters announced a deal with Adify in January to create an ad-supported network of small- to medium-sized publishers in areas like personal finance and football.
peHUB’s Dan Primack notes that it’s a “big day for Adify backer US Venture Partners, whose latest fundraising drive has been met with lukewarm enthusiasm.” Venture capital backers, which also included Venrock, NBC’s Peacock Equity fund and Time Warner, had invested about $27 million in Adify.