In a bid to boost its owned media capabilities with programmatic advertising expertise Stagwell has acquired Freestar, for an undisclosed sum.
Freestar works with major publishers including Boston Globe Media, Fortune Media, Legacy, Enthusiast Gaming and more.
The company uses its proprietary pubOS platform and consulting services to help publishers increase advertising revenue, improve operations, and manage programmatic advertising.
The company, based in Scottsdale, AZ, was founded by David Freedman in 2015 and investment firm Abry Partners acquired a substantial minority interest in 2021.
Stagwell says Freestar’s technology and publisher relationships will help it connect advertisers more directly with publishers, improve audience data, and create more efficient transactions.
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The firm also said the transaction supports Future of News initiative, which promotes sustainable business models for news publishers.
Freestar will integrate with the Stagwell’s media and commerce operations, expanding its owned media portfolio, which is led by Ben Berentson. The firm will retain its branding, and both CEO Kurt Donnell and Freedman will continue in their roles.
Freestar said joining Stagwell will give the publishers it works with access to more advertisers, additional technology, and new services while continuing to focus on publisher monetization. It says it has generated more than $1 billion in advertising revenue for publishers over the past decade.
For Stagwell the deal is its latest bet on owned media. Last month it increased its investment in Real Clear Holdings beyond the 37.5% it acquired two years ago. It also owns Reach TV and other assets.
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