Rentrak said Tuesday that it has closed its purchase of U.S. TV measurement assets of Kantar Media, paying advertising conglomerate WPP $128 million, which is $30 million more than what was reported when the deal was announced in early October.
Rentrak agreed to issue 1.53 million shares of its stock, priced at $64.51 each, for Kantar Media on Oct. 9. However, by the time the deal closed on Nov. 28, Rentrak's stock had risen about 30 percent, to $84.10.
Under the agreement, Rentrak will be able to integrate its national and local TV measurement data with a number of Kantar's U.S.-based services that target digital media, advertising and purchasing concerns.
Also, WPP's GroupM media-buying agency will use Rentrak's national and local TV measurement services in the United States.
Rentrak says it expects to add approximately $7 million to $9 million in revenue in fiscal 2016 as a result of the transaction.
For more:
- read this Rentrak press release
- read this MediaPost story
- read this TV News Check story
- read this Multichannel News story
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