In a move first reported by CNET News.com, Adauction will be known as OneMediaPlace, which also marks the company's change in business strategy.
Adauction began as an auction site where media companies could sell surplus ad space to advertisers. The company is now making a bid to become a "business-to-business Internet exchange" for media buyers and sellers of all advertising media, the company said in a written statement.
It also wants to include offline advertising media, such as billboards, television and print publications.
The company is banking that an online exchange can help streamline the ad-buying process, something that Forrester Research analyst Jim Nail said has traditionally been a "painful process."
CMGI may see OneMediaPlace's majority interest in several advertising companies, such as Engage Technologies, as a way to sell its large inventory of ad space, Nail said.