MSGI Completes Acquisition of CMG Direct

Posted on by Chief Marketer Staff

Direct marketing services firm Marketing Services Group Inc., based in New York, has completed the acquisition of CMG Direct Corp. No terms were disclosed.

In conjunction with the acquisition, CMGI will become a significant minority shareholder, representing more than 10% of the outstanding shares of MSGI, post transaction. A current investor, GE Equity, has agreed in principal to provide $10 million of short-term debt financing to support the acquisition.

“The CMG Direct acquisition represents the first of our new corporate initiatives to pursue strategic opportunities in the Internet,” said chairman/CEO Jeremy Barbera, in a statement.

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