Modem Media.Poppe Tyson files for IPO

- Modem Media.Poppe Tyson, the True North owned new media network, has filed for an initial public stock offering with the Securities and Exchange Commission, in New York.

- Modem Media.Poppe Tyson, the True North owned new media network, has filed for an initial public stock offering with the Securities and Exchange Commission, in New York.

Modem will seek to raise $45 million dollars but True North will retain majority ownership.

Modem, which claims revenue of $30.4 million for the nine months ended 30 September with a net loss of $2 million for the same time period.

Modem, based in Westport, Connecticut, has offices in eight major cities, including London and New York. Its client list includes Citibank, Harper Collins, IBM, Kodak, Sony and the Financial Times. The agency's biggest client is Citibank, which accounted for more than 50% of its revenues in 1997.

Modem Media merged with Poppe Tyson in May.