UPDATE 1-US publisher Hearst nears deal to buy iCrossing-WSJ

(Adds comments from iCrossing)

April 19 (BestGrowthStock) – U.S. newspaper and magazine publisher
Hearst Corp is closer to buying digital marketing company
iCrossing for about $375 million, the Wall Street Journal said,
citing people familiar with the matter.

The iCrossing deal would help Hearst to augment its Web
presence and win more advertisement dollars from the Internet,
the Journal said.

In the deal, which is in the final stages of negotiations,
iCrossing is likely to fetch about $375 million, plus bonus
payments if it reaches certain targets, the people told the
paper.

“While going through the process of evaluating iCrossing’s
position in the market, we have spoken with, and entered into,
non-disclosure agreements with many companies,” iCrossing’s
spokesperson Dana Mellecker told Reuters.

“It would be inappropriate to disclose the details of any of
these discussions,” Mellecker added.

iCrossing, one of biggest independent digital marketing
company in the United States, helps clients to pitch their
products on the Internet, via cellphones and through other
interactive channels, the newspaper said.

Digital marketing companies have attracted investment
interest from advertisement agencies and other industry players
as marketers shift more of their ad dollars from traditional
media to the Internet, according to the paper.

Hearst owns 15 newspapers and publishes 14 magazine titles
in the U.S. Popular brands include newspapers like The San
Francisco Chronicle and fashion magazine Cosmopolitan.

Hearst could not be immediately reached for comment by
Reuters outside regular U.S. business hours.
Stock Market Money

(Reporting by Sakthi Prasad in Bangalore; Editing by Louise
Heavens)

UPDATE 1-US publisher Hearst nears deal to buy iCrossing-WSJ