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NEW YORK (AP) - WPP Group PLC, the world's second-largest advertising and marketing conglomerate, is buying the online advertising company 24/7 Real Media Inc. for $649 million, the companies announced Thursday.
It was the latest deal in the booming online advertising business as traditional marketing firms seek to quickly build up their profiles in Internet advertising, which is growing far faster than other kinds of media such as television, radio and newspapers.
WPP, which is based in London, is paying $11.75 per share for 24/7 Real Media, a 30 percent premium over the company's average closing price over the past two months.
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