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April 6, 2012
Millennial Media was hit with a federal lawsuit in Delaware on Thursday by a competitor claiming that the Baltimore mobile advertising company infringed on three of its patents. The lawsuit came a week after Millennial went public, raising $152 million in what was widely considered a successful offering in the technology sector. New York City-based Augme Technologies Inc. is suing Millennial based on its holding of patents pertaining to the "providing of targeted content over the Internet.
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By Andrew Zaleski and For The Baltimore Sun | August 12, 2014
In August 2006, Millennial Media -- a digital advertising company founded in Baltimore just two months prior -- made a move that shaped its future. The company's three co-founders took up office space inside the Emerging Technology Center (ETC), an incubator of startup technology companies that opened its doors in the Signature Building of the Can Company complex in Canton in 1999. Two years later, when Millennial Media moved out of the ETC and into the complex's adjacent Factory Building in October 2008, it was a company of 85 full-time employees.
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BUSINESS
February 24, 2010
Millennial Media, the largest independent mobile advertising network in the country, said Tuesday it acquired a small San Francisco-based company that makes analytical software to help developers better track their mobile phone applications' performance. Millennial paid cash for TapMetrics, but terms were not disclosed. Millennial is paying for the deal with some of the $16 million it raised from investors in November as part of its expansion plans, said Paul Palmieri, president and chief executive of the Baltimore-based company.
BUSINESS
By Scott Dance, The Baltimore Sun | August 11, 2014
Millennial Media's losses widened five-fold in the second quarter of the year, missing Wall Street estimates and sending shares down 9 percent in after-hours trading. That was despite an 18 percent increase in sales, to $67.3 million in the three months ended June 30 from $57 million in the same period of 2013. Losses grew to $15.1 million in the second quarter, from $3.1 million in the second quarter of last year. The Canton-based mobile advertising company's loss amounted to 14 cents per share, two cents below Wall Street analysts' predictions of a 12-cent loss per share.
BUSINESS
Gus G. Sentementes | March 29, 2012
Millennial Media Inc., a Baltimore-based mobile advertising company, broke a years-long IPO drought in the city's technology sector and went public today on the New York Stock Exchange with an opening share price of $13.  Shares immediately shot up to $25 in the opening moments of trading, nearly double its initial opening price. Paul Palmieri, Millennial's chief executive officer, rang the opening bell at the exchange to kick off trading. The company, founded Palmieri, a former Verizon Wireless executive, and a former Advertising.com executive, is the first of a new breed of companies targeting the booming mobile advertising sector to go public.
BUSINESS
By Scott Dance, The Baltimore Sun | June 3, 2014
While Millennial Media pioneered mobile advertising, it now competes with online household names Google and Facebook, which dominate the $18 billion market. To Millennial CEO Michael Barrett, that's a good sign. But it's also meant a rough start to Barrett's tenure at the Baltimore-based firm. He took over in January for Paul Palmieri, who founded and led Millennial from its days as a startup in 2006 to its debut as a public company in 2012. As the company's stock tumbled amid a disappointing earnings report last month, Barrett acknowledged on an investor conference call there were challenges ahead and outlined a plan to address them.
BUSINESS
Jay Hancock | January 9, 2012
In 1996 Robert H. Frank published "The Winner-Take-All Society," an explanation of why so few in the wired world do so well and why everybody else falls short. The intervening years have only strengthened his case that, in a networked economy, most sales, profits and other rewards go to a small group of companies and individuals. Google blew away other search engines. eBay is still the only online auction site most people have heard of. Facebook turned MySpace into a punchline. Thus the chances for Millennial Media to make it huge in mobile, wireless advertising would seem few. Only five years old, the Baltimore-based startup is less than a hundredth the size of its main competitors, Google and Apple.
BUSINESS
By Scott Dance, The Baltimore Sun | January 27, 2014
In a sudden departure, Millennial Media founder and CEO Paul Palmieri left the Baltimore mobile advertising company Monday to work for a prominent Maryland venture capital firm. Palmieri said in an interview his resignation had been in the works for months, though it became effective immediately with an announcement by the company. He joins New Enterprise Associates in Chevy Chase as a venture adviser for technology startups, though he remains Millennial's largest individual shareholder.
BUSINESS
By Scott Dance, The Baltimore Sun | August 14, 2013
Shares of Millennial Media lost 19 percent of their value in trading Wednesday on news that the Canton mobile advertising company would buy a competitor mostly in exchange for stock, and that its losses widened in the second quarter. The stock closed at $6.90 on the New York Stock Exchange, down $1.60 from the previous day's close. The acquisition and earnings were announced after the market closed Tuesday. Millennial plans to acquire Boston-based rival Jumptap for more than $200 million, with the privately held company's shareholders receiving 24.6 million shares of Millennial along with $12 million in cash.
BUSINESS
By Scott Dance, The Baltimore Sun | February 19, 2014
Millennial Media lost $3.8 million despite a surge to $96.7 million in revenue in the fourth quarter of 2013, with both results beating analysts' expectations, but shares fell in after-hours trading on shaky expectations going forward. The Baltimore mobile advertising company's revenue jumped by two-thirds compared with the fourth quarter of 2012, when it reported $58 million in sales and posted a profit of $2.6 million. It completed a mostly stock deal worth about $174 million to acquire Boston-based Jumptap in November that helped drive growth.
BUSINESS
By Scott Dance, The Baltimore Sun | June 3, 2014
While Millennial Media pioneered mobile advertising, it now competes with online household names Google and Facebook, which dominate the $18 billion market. To Millennial CEO Michael Barrett, that's a good sign. But it's also meant a rough start to Barrett's tenure at the Baltimore-based firm. He took over in January for Paul Palmieri, who founded and led Millennial from its days as a startup in 2006 to its debut as a public company in 2012. As the company's stock tumbled amid a disappointing earnings report last month, Barrett acknowledged on an investor conference call there were challenges ahead and outlined a plan to address them.
BUSINESS
By Scott Dance, The Baltimore Sun | May 14, 2014
Putting his money where his job is, Millennial Media CEO Michael Barrett spent $1 million to buy company stock less than week after a grim earnings report sent its share price tumbling. Barrett's purchases helped boost the Baltimore-based mobile advertising company's stock Wednesday, when it closed up 27 cents a share at $3.82 each. Barrett bought 140,000 shares at $3.43 apiece Monday and 151,000 shares at $3.46 apiece Tuesday, according to a Securities and Exchange Commission filing.
BUSINESS
By Scott Dance, The Baltimore Sun | May 10, 2014
Millennial Media has long faced competition for advertising dollars from entrenched giants like Google and Apple, but it was another household name - Facebook - that took a bite out of the Baltimore company's earnings and sent its stock plummeting last week. The social network took the Baltimore-based company by surprise, grabbing a share of its customers who buy ads on mobile devices to drive downloads and draw users to their smartphone and tablet applications, analysts said. That contributed to a tripling of Millennial's first-quarter losses, announced Wednesday.
BUSINESS
By Scott Dance, The Baltimore Sun | May 8, 2014
Millennial Media shares tumbled 40 percent at the opening bell Thursday on news that its losses more than tripled in the first three months of 2014, despite a 47 percent surge in revenue year-over-year. The Baltimore-based mobile advertising firm also announced its chief financial officer, Michael Avon, will step down at the end of June "to pursue other career interests. " His departure comes six months after Paul Palmieri, the company's founder and CEO, left the company to join a venture capital firm.
BUSINESS
By Scott Dance, The Baltimore Sun | March 24, 2014
When a former canning plant was transformed in the late 1990s into a commercial hub to anchor Canton's redevelopment, middle school students suggested its name reflect history: The Can Company. The shopping center is about to get a new name — one that gives a nod to both the past and the future. Mobile advertising company Millennial Media is planning a major expansion at its Southeast Baltimore headquarters, one that company leaders say will align its home base with its status as a public company competing internationally, and as a major local employer.
BUSINESS
By Scott Dance, The Baltimore Sun | February 19, 2014
Millennial Media lost $3.8 million despite a surge to $96.7 million in revenue in the fourth quarter of 2013, with both results beating analysts' expectations, but shares fell in after-hours trading on shaky expectations going forward. The Baltimore mobile advertising company's revenue jumped by two-thirds compared with the fourth quarter of 2012, when it reported $58 million in sales and posted a profit of $2.6 million. It completed a mostly stock deal worth about $174 million to acquire Boston-based Jumptap in November that helped drive growth.
BUSINESS
Gus G. Sentementes | gus.sentementes@baltsun.com | November 17, 2009
Millennial Media, one of the country's largest advertising networks for mobile devices, said Monday it raised $16 million in new funding that it will use to hire more staff and fuel its international expansion from its Baltimore headquarters. The funding was part of a Series C round led by New Enterprise Associates, a venture capital firm with an office in Baltimore. Existing investors Bessemer Venture Partners, Columbia Capital and Charles River Ventures also participated. Since its founding in 2006, Millennial has raised more than $40 million in venture capital funding, according to Paul Palmieri, its co-founder, president and chief executive.
BUSINESS
By Scott Dance, The Baltimore Sun | August 14, 2013
Shares of Millennial Media fell nearly 20 percent in early trading Wednesday on news that the Canton mobile advertising company would buy a competitor at a bargain price and that its second-quarter losses widened. Millennial announced Tuesday it struck a deal to acquire Boston-based competitor Jumptap in a mostly stock deal worth more than $200 million, the company said Tuesday. The deal would make the company's mobile advertising market share rival that of Google, the company said.
BUSINESS
By Scott Dance, The Baltimore Sun | January 27, 2014
In a sudden departure, Millennial Media founder and CEO Paul Palmieri left the Baltimore mobile advertising company Monday to work for a prominent Maryland venture capital firm. Palmieri said in an interview his resignation had been in the works for months, though it became effective immediately with an announcement by the company. He joins New Enterprise Associates in Chevy Chase as a venture adviser for technology startups, though he remains Millennial's largest individual shareholder.
BUSINESS
The Baltimore Sun | November 13, 2013
Millennial Media Inc., a Baltimore-based mobile advertising firm, reported Wednesday that it lost $4.6 million in the three months ended Sept. 30. That's worse than the $1.8 million it lost in same quarter in 2012. On a per share basis, it lost 6 cents in the recent quarter compared to 2 cents a year earlier. Meanwhile, the company's revenue swelled 39 percent to $86.3 million in the July-to-September period. That includes $56.1 million from Millennial Media and $30.2 million from Jumptap, which it acquired Nov. 6 for about 24.6 million share of its stock.
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