Millennial Media, Inc.NYSE
Oct. 23, 2015, 10:42 AM
- AOL (VZ +0.7%) has closed its $248M deal for Millennial Media (NYSE:MM) after 80% of shareholders tendered shares by the midnight deadline.
- Millennial's now a wholly owned subsidiary and has stopped trading on the NYSE. Adding the company gives a boost to AOL's ONE ad network and, AOL says, "adds an incredibly talented team of mobile-first experts, many of whom will take on leadership and integral roles at AOL Platforms."
- Nine Millennial Media execs are taking roles at AOL, though CEO Michael Barrett departed the company.
- Previously: AOL/Verizon buying Millennial Media for $248M (Sep. 03 2015)
Sep. 3, 2015, 12:45 PM
Sep. 3, 2015, 9:15 AM
- Less than two months after TechCrunch reported a deal could happen, Verizon-owned (NYSE:VZ) AOL has announced it's acquiring mobile ad network owner Millennial Media (NYSE:MM) for $1.75/share, or $248M. The price represents a 30.6% premium to Millennial's Wednesday close, but is still well below a 52-week high of $2.40, and over 90% below Millennial's 2012 highs.
- The deal expands AOL's supply-side (publisher-facing) mobile ad footprint, including within international markets. Millennial claims over 65K apps are on its platform, and that it has over 800M "proprietary, anonymous user profiles" for ad targeting. It follows AOL's display ad deal with Microsoft, and comes ahead of the launch of Verizon's Go90 mobile video service.
- For Millennial, the deal provides an exit for a company that has been losing mobile ad share to the likes of Google, Facebook, Apple, and Twitter. It's expected to close this fall.
- MM +30% to $1.74.
Sep. 3, 2015, 9:12 AM
Aug. 10, 2015, 4:43 PM
- In addition to missing Q2 revenue estimates (while slightly beating on EPS), Millennial Media (NYSE:MM) is guiding for Q3 revenue of $63M-$66M (below an $84M consensus) and full-year revenue of $267M-$280M (below a $326.9M consensus and prior guidance of $311M-$342M).
- Full-year gross billings guidance (doesn't back out ad partner payments) has been cut to $344M-$360M from $435M-$459M. Q3 billings guidance is at $80M-$84M. Direct and indirect mobile ad competition from the likes of Google, Facebook, Twitter, and Apple has been a major headwind for some time.
- CEO Michael Barrett: "[R]evenue is ramping more slowly than we had hoped. We are evaluating strategic opportunities to maximize the value of our capabilities in this rapidly evolving ecosystem." TechCrunch reported in July AOL/Verizon is interested in acquiring Millennial.
- Financials: Gross margin rose 370 bps Y/Y to 43.9% (lifted EPS), and GAAP costs/expenses rose by $2.1M to $44.2M. Millennial ended Q2 with $34.6M in cash (down from $49.5M at the end of 2014), and $5M in short-term borrowings.
- Shares have tumbled to $1.45 in AH trading.
- Q2 results, PR
Aug. 10, 2015, 4:16 PM
- Millennial Media (NYSE:MM): Q2 EPS of -$0.05 beats by $0.01.
- Revenue of $65.8M (-2.2% Y/Y) misses by $4.11M.
Aug. 9, 2015, 5:35 PM| Aug. 9, 2015, 5:35 PM | 13 Comments
Aug. 5, 2015, 10:01 PM
- AOL (NYSE:VZ) has shuffled its leadership, promoting Huffington Post CEO Jimmy Maymann into a spot with oversight of its consumer brands as well as Verizon's upcoming Go90 streaming video service.
- AOL chief Tim Armstrong says Arianna Huffington is leading the search for a new HuffPo CEO.
- The shuffle will mean AOL is reorganized into three businesses: consumer brands (Maymann's area), business-to-business platforms (ad tech), led by AOL President Bob Lord, and the new "Area 51" unit focused on strategic investment, led by CTO Bill Pence.
- Armstrong had no comment about a possible $300M deal for Millennial Media (NYSE:MM), but said: “We have a goal of becoming the largest mobile media platform whether that’s through investments or M&A. If you look at how aggressive we’ve been in the last 12 months ... you should assume we are serious. We are a company on the move right now.”
Jul. 9, 2015, 12:50 PM
Jul. 9, 2015, 9:18 AM
Jul. 8, 2015, 11:59 PM
- TechCrunch reports AOL, fresh off being acquired by Verizon (NYSE:VZ) for $4.4B, is interested in acquiring mobile ad network owner Millennial Media (NYSE:MM).
- The site, which is owned by AOL, reports hearing of a $300M-$350M price range, while cautioning "it will still be some weeks" before a deal is announced, should one happen. AOL is said to have begun "kicking the tires" on a Millennial deal weeks ago, before getting slowed down by the Verizon deal.
- Millennial closed on Wednesday with a $217M market cap. With the company forecasting 2015 revenue of $311M-$342M, the reported price range is equal to a modest ~1x forward sales.
- Millennial would significantly increase AOL and Verizon's mobile display ad footprint. Though Millennial has been struggling to deal with competition from Google (AdMob), Facebook, Apple (iAd), and Twitter (MoPub), the company still claimed to support 65K apps and reach 670M+ monthly unique users (175M in the U.S.) as of March 31. It has 750M+ anonymous user profiles for delivering targeted ads.
- It was only last week that AOL announced a deal to "assume management and sales responsibility" for Microsoft's display, mobile, and video ad inventory in the U.S. and 8 other markets.
- Two months ago: Millennial rises in wake of AOL/Verizon deal
May 21, 2015, 5:23 PM
- Millennial Media (NYSE:MM) has appointed Ernie Cormier, the CEO of programmatic (automated) mobile ad-buying platform Nexage prior to Millennial's acquisition of the company, to the newly-created position of COO.
- Cormier will be "responsible for overseeing [Millennial's] product, technology, and operations teams." At the same time, he'll be stepping down from Millennial's board.
May 13, 2015, 1:53 PM
- Like fellow online ad plays Rocket Fuel and The Rubicon Project, Millennial Media (MM +4.5%) has rallied after Verizon announced it's buying AOL for $4.4B, a deal that's widely seen as being ad-focused.
- Millennial, hit hard by competition from Google, Facebook, and Apple's mobile ad platforms, wouldn't be too hard for a tech or telecom giant to digest: Its market cap is currently $237M. The company has occasionally popped up in M&A speculation over the last 3 years.
May 5, 2015, 6:41 PM
- Though it beat Q1 estimates, Millennial Media (NYSE:MM) is guiding for Q2 revenue of $68M-$71M, below a 3-analyst $73.9M consensus. However, full-year sales guidance of $311M-$342M - $275M-$290M Managed Media, $160M-$169M Platform - has been reiterated (consensus is at $322.7M).
- Q1 gross billings (doesn't back out developer payments) totaled $75.4M, beating guidance of $69M-$72M. Q2 billings guidance is at $86M-$89M, and full-year guidance is still at $435M-$459M.
- Millennial claims to have reached 670M monthly unique users at the end of Q1 (175M in the U.S.), up from 650M at the end of Q4. 65K apps supported Millennial's mobile ad platform, up 5K Q/Q. Anonymous user profiles (used for ad targeting) rose by 50M Q/Q to 750M+.
- Millennial's beaten-down shares have risen to $1.53 AH.
- Q1 results, PR
May 5, 2015, 4:09 PM
- Millennial Media (NYSE:MM): Q1 EPS of -$0.09 beats by $0.03.
- Revenue of $63.17M (-13.0% Y/Y) beats by $5.86M.
- Shares +3.47%.
May 4, 2015, 5:35 PM
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