FWIW:
MSGI Sells Majority Interest in Fulfillment Subsidiary
Business Wire - April 01, 1999 09:56
NEW YORK--(BUSINESS WIRE)--April 1, 1999--Marketing Services Group, Inc. (Nasdaq: MSGI), an integrated marketing and Internet services industry leader, today announced that it has sold the majority interest in its Metro Fulfillment, Inc. (MFI) subsidiary to Crescent Media, Inc. Terms of the agreement were not disclosed. "MSGI has retained a minority position in MFI for strategic business purposes, and has sold the majority interest to avoid any future net income erosion related to fulfillment operations." commented Jeremy Barbera, Chairman and Chief Executive Officer. "Today as we begin our fourth fiscal quarter, our focus is on the continued business development and expansion of our two channels of operations; Marketing Services and the Internet Group." Last month, MSGI announced the signing of a binding agreement with CMGI, Inc. (Nasdaq: CMGI) to acquire its wholly-owned subsidiary, CMG Direct Corporation, including its business unit known as PermissionPlus, for a combination of stock and cash valued at $26 Million. Upon closing of the transaction, CMGI will become a 15 percent minority stockholder.
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