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CUSIP No. 901314 10 4
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ____)*
24/7 Media Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
901314 10 4
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(CUSIP Number)
December 31, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
/ / Rule 13d-1(b)
/X/ Rule 13d-1(c)
/ / Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 14
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CUSIP No. 901314 10 4
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Prospect Street Discovery Fund, Inc. ; 13-3879550
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X - Joint Filing
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3. SEC Use Only
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4. Citizenship or Place of Organization DE Corporation
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Number of Shares 5. Sole Voting Power
Beneficially Owned ----------------------------------------------------
by Each Reporting 6. Shared Voting Power 1,313,027
Person With: ----------------------------------------------------
7. Sole Dispositive Power
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8. Shared Dispositive Power 1,313,027
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,313,027
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
5.9%
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12. Type of Reporting Person (See Instructions)
CO
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Page 2 of 14 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Prospect Street NYC Discovery Fund, L.P.; 13-3879548
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X - Joint Filing
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3. SEC Use Only
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4. Citizenship or Place of Organization DE Limited Partnership
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Number of Shares 5. Sole Voting Power 1,313,027
Beneficially Owned ----------------------------------------------------
by Each Reporting 6. Shared Voting Power
Person With: ----------------------------------------------------
7. Sole Dispositive Power 1,313,027
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8. Shared Dispositive Power
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,313,027
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
5.9%
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12. Type of Reporting Person (See Instructions)
PN
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Page 3 of 14 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Prospect Street NYC Co-Investment Fund, L.P.; 13-3968153
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X - Joint Filing
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3. SEC Use Only
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4. Citizenship or Place of Organization DE Limited Partnership
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Number of Shares 5. Sole Voting Power 437,676
Beneficially Owned ----------------------------------------------------
by Each Reporting 6. Shared Voting Power
Person With: ----------------------------------------------------
7. Sole Dispositive Power 437,676
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8. Shared Dispositive Power
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
437,676
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
2.0%
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12. Type of Reporting Person (See Instructions)
PN
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Page 4 of 14 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Prospect Street Co-Investment Fund, LLC; 04-3416259
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X - Joint Filing
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3. SEC Use Only
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4. Citizenship or Place of Organization DE Limited Liability Company
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Number of Shares 5. Sole Voting Power
Beneficially Owned ----------------------------------------------------
by Each Reporting 6. Shared Voting Power 437,676
Person With: ----------------------------------------------------
7. Sole Dispositive Power
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8. Shared Dispositive Power 437,676
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
437,676
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
2.0%
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12. Type of Reporting Person (See Instructions)
OO
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Page 5 of 14 pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
John F. Barry
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X - Joint Filing
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
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Number of Shares 5. Sole Voting Power 4,688
Beneficially Owned ----------------------------------------------------
by Each Reporting 6. Shared Voting Power 1,750,703
Person With: ----------------------------------------------------
7. Sole Dispositive Power 4,688
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8. Shared Dispositive Power 1,750,703
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,755,391
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
7.9%
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12. Type of Reporting Person (See Instructions)
IN
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Page 6 of 14 pages
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CUSIP No. 901314 10 4
Item 1(a): Name of Issuer:...
24/7 Media, Inc.
Item 1(b): Address of Issuer's Principal Executive Offices:
1250 Broadway
New York, NY 10001
Item 2(a): Name of Persons Filing:
Prospect Street Discovery Fund, Inc.
Prospect Street Co-Investment Fund, LLC
Prospect Street NYC Discovery Fund, L.P.
Prospect Street NYC Co-Investment Fund, L.P.
John F. Barry
Item 2(b): Address of Principal Business Office:
The principal business offices of Prospect Street Discovery
Fund, Inc., Prospect Street Co-Investment Fund, LLC, Prospect
Street NYC Discovery Fund, L.P., Prospect Street NYC
Co-Investment Fund, L.P. and John F. Barry are located at 10
E. 40th Street, 44th Floor, New York, New York 10016.
Item 2(c): Citizenship:
See Item 4 of Cover Pages
Item 2(d): Title of Class of Securities:
Common Stock, $.01 par value
Item 2(e): Cusip Number:
901314-10-4
Item 3: Information if statement filed pursuant to Rules 13d-1(b) or
13d-2(b):
Not Applicable
Item 4(a): Amount Beneficially Owned as of December 31, 1998:
John F. Barry directly holds 4,688 shares. Mr. Barry is the
sole shareholder of Prospect Street Discovery Fund, Inc.
Prospect Street Discovery Fund, Inc. is the general partner
of Prospect Street NYC Discovery Fund, L.P., which holds
1,313,027 shares. Mr. Barry is the sole member of Prospect
Street Co-Investment Fund, LLC. Prospect Street Co-Investment
Fund, LLC is the general partner of Prospect Street NYC
Co-Investment Fund, L.P., which holds 437,676 shares. Mr.
Barry disclaims beneficial ownership of the shares held by
any of these entities.
Page 7 of 14 pages
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CUSIP No. 901314 10 4
Item 4(b): Percent of Class:
See Item 11 of Cover Pages
Item 4(c): Number of Shares to which such person has:
<TABLE>
<S> <C> <C>
(i) Sole power to vote or to direct the vote: See Item 5 of Cover Pages
(ii) Shared power to vote or direct the vote: See Item 6 of Cover Pages
(iii) Sole power to dispose or to direct the See Item 7 of Cover Pages
disposition of:
(iv) Shared power to dispose or to direct the See Item 8 of Cover Pages
disposition of:
</TABLE>
Item 5: Ownership of 5% or Less of a Class:
Not Applicable
If this statement is being filed to report the fact as of the
date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following: ( ).
Item 6: Ownership of more than 5% on Behalf of Another Person.
Not Applicable
Item 7: Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent
Holding Company:
Not Applicable
Item 8: Identification and Classification of Members of the Group:
Not Applicable
Item 9: Notice of Dissolution of Group:
Not Applicable
* * * * *
Page 8 of 14 pages
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CUSIP No. 901314 10 4
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: December 9, 1999
Prospect Street NYC Discovery Fund, L.P.
BY: Prospect Street Discovery Fund, its Inc.,
general partner
By:
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John F. Barry
President
Prospect Street Co-Investment Fund, LLC
By:
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John F. Barry
Managing Member
Prospect Street Discovery Fund, Inc.
By:
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John F. Barry
President
Prospect Street NYC Co-Investment Fund, L.P.
By: Prospect Street Co-Investment
Fund, LLC, its general partner
By:
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John F. Barry
Managing Member
--------------------------------------------
John F. Barry
Page 9 of 14 pages
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CUSIP No. 901314 10 4
Exhibit Index
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Exhibit I Statement of Prospect Street Co-Investment Fund, LLC.
Exhibit II Statement of Prospect Street Discovery Fund, Inc.
Exhibit III Statement of Prospect Street NYC Co-Investment Fund, L.P.
Exhibit IV Statement of John F. Barry disclaiming beneficial ownership
to shares held by Prospect Street Discovery Fund, Inc.,
Prospect Street Co-Investment Fund, LLC, Prospect Street NYC
Discovery Fund, L.P. and Prospect Street NYC Co-Investment
Fund, L.P.
Page 10 of 14 pages
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CUSIP No. 901314 10 4
Exhibit I
to
Schedule 13G
Under the
Securities Exchange Act of 1934
Pursuant to Rule 13d-1(f)(1), Prospect Street Co-Investment Fund, LLC
affirms it is individually eligible to use Schedule 13G and agrees that this
Schedule is filed on its behalf.
Prospect Street Co-Investment Fund, LLC
By:
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John F. Barry
Managing Member
Dated: December 9, 1999
Page 11 of 14 pages
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CUSIP No. 901314 10 4
Exhibit II
to
Schedule 13G
Under the
Securities Exchange Act of 1934
Pursuant to Rule 13d-1(f)(1), Prospect Street Discovery Fund, Inc.
affirms it is individually eligible to use Schedule 13G and agrees that this
Schedule is filed on its behalf.
Prospect Street Discovery Fund, Inc.
By:
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John F. Barry
President
Dated: December 9, 1999
Page 12 of 14 pages
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CUSIP No. 901314 10 4
Exhibit III
to
Schedule 13G
Under the
Securities Exchange Act of 1934
Pursuant to Rule 13d-1(f)(1), Prospect Street NYC Co-Investment Fund,
L.P. affirms it is individually eligible to use Schedule 13G and agrees that
this Schedule is filed on its behalf.
Prospect Street NYC Co-Investment Fund, L.P.
By: Prospect Street Co-Investment
Fund, LLC, its general partner
By:
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John F. Barry
Managing Member
Dated: December 9, 1999
Page 13 of 14 pages
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CUSIP No. 901314 10 4
Exhibit IV
to
Schedule 13G
Under the
Securities Exchange Act of 1934
John F. Barry disclaims beneficial ownership to the common shares of
24/7 Media, Inc. held by the following entities:
Prospect Street Discovery Fund, Inc.
Prospect Street Co-Investment Fund, LLC
Prospect Street NYC Discovery Fund, L.P.
Prospect Street NYC Co-Investment Fund, L.P.
The filing of this Schedule 13G shall not be construed as an admission
that John F. Barry is, for the purpose of Section 13(d) or 13(g) of the
Securities Exchange Act of 1934, as amended, the beneficial owner of any
securities covered by this Schedule 13G.
Pursuant to Rule 13d-1(f)(1) and subject to the preceding disclaimer,
John F. Barry affirms he is individually eligible to use Schedule 13G and
agrees that this Schedule is filed on his behalf.
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John F. Barry
Dated: December 9, 1999
Page 14 of 14 pages
