LIN Media LLC (NYSE:TVL) has acquired Federated Media’s digital content marketing and publishing operations in San Francisco, New York, and Chicago. LIN Media has announced that its subsidiary. Federated Media’s programmatic media and publisher platform business that was built through the acquisition of Lijit Networks in October 2011 will become an independent entity called sovrn Holdings. The terms of the deal was undisclosed. Federated Media is becoming a portfolio company of LIN Digital Media.
?The acquisition of Federated Media brings an additional layer of dynamic, proven and integrated solutions to our ever expanding platforms,? stated Vincent Sadusky, president/CEO of LIN Media. ?Superior content is at the epicenter of both our companies, and this acquisition will extend our core competencies, drive important synergies and further diversify our revenue streams.?
Former Federated Media COO Walter Knapp will become the new CEO of sovrn. Federated Media founder, chairman, and CEO John Battelle is going to remain sovrn’s executive chairman.