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Millennial Media shares fall sharply on news of deal, losses

Millennial Media shares fall sharply on news of deal, losses

Shares of Millennial Media fell nearly 20 percent in early trading Wednesday on news that the Canton mobile advertising company would buy a competitor at a bargain price and that its second-quarter losses widened. Millennial announced Tuesday it struck a deal to acquire Boston-based competitor Jumptap in a mostly stock deal worth more than $200 million, the company said Tuesday. The deal would make the company's mobile advertising market share rival that of Google, the company said. The company meanwhile said losses widened in the second quarter of the year, while revenue climbed 45 percent. With the Jumptap deal, Millennial would gain a host of information the Massachusetts...

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