24/7 Real Media sells Latin unit

24/7 Real Media says it has sold its Latin American operations to the office's management as well as to a group of local investors. Though financial terms of the deal were not disclosed, the New York-based company said the deal would lop off about $1.8 million in "cash burn," or expenses to maintain the unit, currently based in Miami and Sao Paulo, Brazil. The advertising technology and media company will gain some revenue from product licensing agreements with customers of the unit, which will be named Real Media Latin America. Real Media expanded into Latin American in 1999, selling its ad delivery and management technology Open AdStream to Web site publishers. The company merged with 24/7 Media in October of last year. Prior to the merger, it closed its Asian offices in response to an overall contraction in the online ad sales market.