It created the first demand-side platform in 2007, and grew to become one of the key advertising technology businesses across the globe, with 15 global offices, a New York headquarters and some 500-plus employees.
Now, MediaMath is crumbling. A bankruptcy filing has been made, and the privately owned operation is preparing to shut its doors after failing to secure a buyer or additional investors.
Bankruptcy Petition #23-10882-LSS was filed on Friday, ahead of the new fiscal quarter, in Delaware federal bankruptcy court.
For MediaMath, with a suite on the 45th floor of Four World Trade Center, a $1,738 fee was paid as it submitted its voluntary petition for Chapter 11 bankruptcy status.
Importantly, MediaMath told the bankruptcy court that funds are available for distribution to unsecured creditors, which number between 200 and 999.
The biggest unsecured creditor is Magnite, and it is roughly $12.59 million in value.
The second-largest unsecured creditor is Pubmatic Inc., valued at $10.48 million.
Adswizz is owed $3,413,217.97; 4 WTC landlord Silverstein Properties is owed $2,511,572.86 in back rent.
Meanwhile, ad verification firm DoubleVerify is owed $1,490,134.27. Madhive is owed $1,290,559.85.
Comcast-owned FreeWheel is owed $788,142.81 by MediaMath.
The lead equity interest holder in MediaMath is Searchlight CST L.P.; MediaMath puts its asset value between $100 million and $500 million; its liabilities are within the same declared range.
“Despite our best efforts and due to the uncertain economic environment and rapid increase in interest rates, we were unable to secure this necessary capital infusion,” MediaMath said in a statement distributed to the media over the Independence Day holiday weekend.
