Stagwell announced the acquisition of Freestar on Monday, adding a publisher advertising-services business whose customers include Boston Globe Media, Fortune Media, Legacy and Enthusiast Gaming.
The acquisition expands Stagwell’s Owned Media business within its Media and Commerce segment. The company’s October 26 announcement did not disclose a purchase price or other financial terms.
Founded in 2015 by David Freedman, Freestar helps digital publishers manage advertising and earn revenue from their websites. Its pubOS software combines publisher technology with a marketplace of partner services.
Stagwell said Freestar would join its broader media network, connecting the publisher-services business with advertising customers and tools. Freestar Chief Executive Kurt Donnell said the combination would bring publishers additional capabilities while retaining its publisher-first approach.
The deal also adds to Stagwell’s Future of News initiative, which brings together publishers, marketers, journalists and business leaders to support the news industry.
Freestar is based in Scottsdale, Arizona. Needham & Company was its exclusive financial adviser on the transaction, according to Stagwell’s announcement.
JBizNews Desk | New York
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