13.  Subsequent Events

Transfer of Chors Unit

On April 2, 2012, we transferred certain assets, agreements and employees (the “Transferred Assets and Employees”) of chors GmbH (“Chors”), our German limited liability company that was acquired in the acquisition of EyeWonder in September 2011, to 24/7 Real Media Deutschland GmbH (“24/7 Germany”), a German limited liability company, and an affiliate of WPP plc, an international advertising and media investment management firm.  In addition, 24/7 Germany agreed to refer or transition no less than $5.0 million worth of revenue (as defined) to DG within one year of the closing.  For the three months ended March 31, 2012, we reported $1.3 million of revenue from Chors.  We do not expect to report a significant gain or loss in connection with the transfer.

Acquisition of Peer39

On April 30, 2012, we acquired Peer39, Inc. (“Peer 39”), a provider of webpage level data for approximately $15.5 million in cash and shares of our common stock.  Peer 39, based in New York City, is the leading provider of data based on the content and structure of web pages for the purpose of improving the relevance and effectiveness of online display advertising.  Peer 39 analyzes web pages in terms of quality, safety and brand category allowing advertisers to make better buying decisions.  In connection with the transaction, we (i) paid $10 million in cash, (ii) issued 357,000 shares of our common stock and (iii) agreed to pay up to $2.3 million in an installment payment within one year of the acquisition. Peer 39 is now part of our online segment.