China-based online media company BesTV has acquired a majority stake in US-based digital marketing agency AdSage for almost $95.9m, Reuters reported yesterday.
BesTV, which concurrently announced a 20.7% year-on-year rise in its first half profits, reportedly took 51% stakes in both AdSage’s Beijing and Cayman Islands companies.
AdSage, which was founded in 2007, operates an online advertising network and employs around 600 people across its US and Chinese offices. It raised $20m in 2011 from quantitative trading firm SIG and venture capital firm Meridian Capital.