IMBI - iMedia closes Synacor's Portal and Advertising business segment acquisition

iMedia Brands (NASDAQ:IMBI) closed on the acquisition of Synacor's Portal and Advertising business segment in the last week. Financial terms remain undisclosed. The acquisition is for leveraging its interactive video expertise and national television promotional power, as well as its merchandising, customer solutions and fulfillment capabilities, to build unique media commerce services for driving growth to advertisers in the online and OTT ecosystems. iMedia will be focused on competing for share in both the emerging $9B+ OTT advertising marketplace and the $200B+ online advertising marketplace, against other digital services companies like Squarespace, Shopify and GoDaddy. Synacor Portal and Advertising, which iMedia has renamed to Media Commerce Services (MCS), creates and manages end-to-end, white-label digital home-page platforms for domestic multichannel video programming distributors and internet service providers. iMedia expects transaction to be accretive and expects MCS to generate at least $40M in profitable revenue over the upcoming year.

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iMedia closes Synacor's Portal and Advertising business segment acquisition