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Columbia Capital Converts Preferred Shares, Reports $286.5 Million Stake in Millennial Media


Columbia Capital and Charles River have reported stakes worth $286.47 million and $218.38 million, respectively, in Millennial Media Inc. (NYSE: MM) subsequent to the company's initial public offering.

Columbia, with offices in Boston and Alexandria, Va., said it owned 13.59 million shares, acquired upon by converting preferred shares.

Charles River, with offices in Cambridge, Mass., and Menlo Park, Calif., said it owned 10.35 million shares, also by converting preferred shares.

The stakes' values are based on the stock's closing price of $21.08 on April 3.

Millennial Media, a mobile advertising firm based in Baltimore, raised $132.60 million from its IPO, selling 10.2 million shares at $13 apiece.

In other news, Millennial Media amended its bylaws authorizing issue of 250 million shares. Among other things, the company created three classes of directors, with staggered three-year terms, who can be removed only by a two-thirds majority; and restricted powers to call a special shareholder meeting to the board, chairman and CEO.

Form 8-K filing:
Form 4 filing (Charles River):
Form 4 filing (Columbia Capital IV, LLC):