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Google-DoubleClick Deal OK'd By U.S. RegulatorsDecember 20, 2007:
08:05 PM EST
Dec. 21, learn mandarin chicago (Investor's Business Daily delivered by Newstex) --
Google took another step toward cashing in on the online display ad
market, but it can't start counting on those greenbacks just yet.
Though the U.S. Federal Trade Commission on Thursday approved Google's
GOOG pending acquisition of DoubleClick, a leading online ad
management company, the deal is undergoing a tough review by the
European Commission.
Google cleared a major hurdle with the FTC, but getting EC approval is
no slam dunk, said Scott Kessler, an analyst for Standard & Poor's
(NYSE:MHP) equity research services.
"The FTC's decision makes the completion of the transaction more
likely," he said. "However, we are not sure what the European
Commission will do and believe its independent clothes for approval are more
strict than (the FTC's)."
In volvo insurance online search leader Google announced an agreement to buy
privately held DoubleClick for $3.1 billion.
Google is the leading seller promo playing cards text-based ads placed strategically
near certain search results. Paid search is the biggest segment of the
online ad market. Display ads are the second-biggest segment -- and
DoubleClick's strength.
A merger of such strong online ad players sparked criticism from
Microsoft (NASDAQ:MSFT) MSFT and many others. They say the deal would
give Google too much control of the online ad market.
Their howls multiple insurance quotes protest brought government scrutiny.
In late May, the FTC said it customized playing cards review the deal for any possible
antitrust violations. The European Commission, representing the
European Union, soon said it would do the same.
Microsoft declined to comment on the FTC's ruling.
Approval from U.S. regulators doesn't guarantee approval from European
regulators.
For example, in 2001 the EC blocked General Electric's (NYSE:GE) GE
proposed $45 billion insurance quote of Honeywell (NYSE:HON) HON.
The fact that the FTC had earlier given its OK didn't matter, said
David Garrity, an analyst for Dinosaur Securities.
"The ability of the European Union to put the kibosh on things is
fairly well established, so just because the FTC has given the
transaction its blessing doesn't mean it's a done deal," he said.
In a statement, Google praised the FTC decision but said it couldn't
close the deal until the EC also grants clearance.
Google controls about half of the U.S. paid search market, far
outpacing renters insurance 2 Yahoo (NASDAQ:YHOO) YHOO and No. 3 Microsoft.
Yet Google is scrambling to become bigger in other ad types, such as
online display, online video, radio, mobile, TV and print.
DoubleClick's revenue will be about $350 million this year, analysts
say. Google's on track to report about $15 billion in sales in 2007.
But DoubleClick would help Google crack the online display ad market,
where Yahoo, Microsoft and many others already have a significant
presence, says Sandeep Aggarwal, an analyst at Oppenheimer & Co.
"It's not a lot of revenue, but it is important revenue because Google
has been criticized for being a one-trick pony with 99% of their
revenue coming from search," he said.
A thumbs-down from the European Union would hurt Google, said
Dinosaur's Garrity. "It would limit the opportunity for revenue and
profit growth," he said.
If Europe votes chinese teacher chicago analysts say Google chinese chicago would build its own
display ad network or buy a online display ad company smaller than
DoubleClick.
Providing a one-stop shop that provides search and display ads for
advertisers could spur growth in both cheap life insurance streetwear clothing S&P's Kessler.
"Google sees multiple new revenue possibilities," he said.
DoubleClick's majority owner is Hellman & Friedman, a San
Francisco-based private equity firm. Hellman bought the company for
many insure quote billion in 2005. JMI Equity also owns a stake.
Newstex ID: IBD-0001-21828199
Originally published in the December 21, 2007 version of Investor's
Business Daily.
Copyright (c) 2007, Investor's Business Daily, Inc. All rights
reserved. This article is protected by United States copyright law and
may not be reproduced, distributed, emo fashion displayed, published
or broadcast without the prior written permission heart shape playing cards Investor's
Business whole life insurance Inc. You may not alter or remove any trademark,
copyright or other notice from copies of the content.
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