Web, Advertising, VC
Cox Buys Adify, Venrock Cashes Out
Wade Roush 4/29/08
Adify, a “vertical” Web advertising network based in San Bruno, CA, said in its blog today that it’s accepting a $300 million cash takeover offer from Atlanta-based media conglomerate Cox Enterprises. That’s good news, presumably, for Venrock. The venture firm, which has offices in Cambridge, MA, Menlo Park, CA, New York, and Israel, participated in two rounds of funding for Adify, an $8.25 million Series A round in 2006 and a $19 million Series B round in 2007. Joh Dyer, Cox’s executive vice president for finance, told the Associated Press that the Adify purchase will enhance online revenues for Cox, which owns a national chain of newspapers, radio and TV stations, and cable systems.
Wade Roush is Xconomy's chief correspondent. You can e-mail him at wroush@xconomy.com, call him at (617) 252-7323, or follow him on Twitter at http://twitter.com/wroush.
