US-based publishing company Say Media is buying out investors including marketing firm WPP as it sells its media properties to focus on its online publishing platform, Tempest, Techcrunch reported on Thursday.
Say Media was formed in 2010 through a merger of interactive advertising platform VideoEgg and content management system developer Six Apart. Intel Capital, the corporate venturing arm of semiconductor company Intel, backed Six Apart’s $12m series C round in 2006 along with venture capital firm Agust Capital.
WPP first invested in VideoEgg as part of a $15m series C round that closed in 2007, and participated again in its $15m series D.
WPP continued to back Say Media following the merger, and participated in the company’s $27m series E round in 2012, which also featured participation from New Enterprise Associates, Shea Ventures, Correlation Ventures, August Capital, First Round Capital, Maveron, Focus Ventures and Neoteny.
Rose Tech Ventures, which participated in VideoEgg’s $400,000 series A round in 2005 and its $3.5m series B in 2006, will also be bought out.
The combined total raised for VideoEgg, Six Apart and Say Media is $113m. The company has attracted angel investors including Justin Kan, Sean Glass, Michael Levit and Ryan McCalley to fund the buyback but has not disclosed how much it will pay to buy out the investors.