Hearst Agrees to Buy Digital Marketing Firm iCrossing
Publisher to create new marketing services business.
Hearst Magazines has agreed to acquire iCrossing, an independent digital marketing service provider. Financial terms of the deal were not disclosed.
According to Hearst, the deal gives it â€śextensive global marketing capabilities,â€ť including paid search, Web development, search engine optimization, data analytics and mobile/social marketing. â€śSearch and online marketing expertise will be an important asset for us as we continue to look for new ways to reach key audiences through digital marketing for our brands and our clients,â€ť Hearst Corp. vice chairman and CEO Frank A. Bennack, Jr. said in a statement. â€śiCrossing has built a great business and has consistently been recognized as a leader in its field; its strong relationships with top brands and companies are a perfect complement to our own.â€ť
Under Hearst, the new divisionâ€”called Hearst Marketing Servicesâ€”will be led by Hearst Magazines senior vice president Matthew Petersen.
Hearst says â€śkey membersâ€ť of iCrossingâ€™s management team will remain with the company even after the deal closes. The closing is subject to regulatory review as well as other customary conditions, Hearst says.
Media industry investment banking firm the Jordan, Edmiston Group served as Hearstâ€™s financial advisor.