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Microsoft Plans To Sell Razorfish: Report
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The company has hired Morgan Stanley to find a potential buyer for its digital agency Razorfish.
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Monday, June 29, 2009:
Microsoft is planning to sell its Internet ad agency Razorfish, according to a media report. The software giant has hired Morgan Stanley to find a potential buyer for Razorfish. Razorfish is part of Microsoft Advertising.
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According to Financial Times, "Publicis, the French marketing company, is thought to be a possible bidder." It also said, "One analyst valued Razorfish at $600m-$700m, based on sales of about $400m last year and profit margins for similar businesses of 12-13 per cent."
Razorfish is owned by Microsoft but functions as an independent company.
Headquartered in Seattle, Razorfish is one of the largest digital agencies, with more than 2,000 employees. Microsoft acquired the agency, formerly known as Avenue A|Razorfish, as part of a $6.0 billion cash purchase of parent company aQuantive in 2007. On 20 October 2008, the company decided to be known as Razorfish, dropping the Avenue A brand.
Razorfish clients include AT&T, Capital One, Best Buy, Carnival Cruise Lines, CondéNet, Ford Motor Company, Kraft, EMC, Williams Sonoma, adidas, Wyeth Pharmaceuticals and the Economist.
The agency was credited with designing the logo for Microsoft's new search engine Bing, according to CNET news.
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