24/7 Real Media Inc. of New York announced today that it has sold its Latin American operations to a Brazilian group comprised of local management and investors.
The online advertising services company said the divestiture will reduce cash burn. The new company, Realmedia Latin America LLC, will retain the right to sell the Open AdStream product line in Latin America and all existing service contracts for the advertising software will remain intact.
A number of publishers use Open AdStream, including Globo.com, Clarin, La Nacion, El Universal, and MTV Latin America. Realmedia Latin America operates out of Miami and Sao Paulo.