Reports today suggest Microsoft (NASDAQ: MSFT) is poised to launch the next salvo in the scramble for vertical integration of the digital marketing industry by purchasing 24/7 Real Media Inc. (NASDAQ: TFSM). 24/7, whose ticker symbol is coincidently the mirror image of Microsoft's, provides e-marketing strategies, analytics, search marketing and campaign management. Its client list includes British Airways, Forbes.com, United, and Playboy.

If it buys 24/7, Microsoft would join Google and Yahoo in positioning themselves to provide advertisers with a one-stop shop for content, ad opportunities appearing on that content, campaign design, management and measurement. For example, Google offers content on, among others, Search and YouTube, while its AdWords and recently acquired DoubleClick manage the sale and placement of ads on its content.

According to the New York Post, the current asking price for 24/7 is $1 billion, no doubt boosted by Google's recent purchase of DoubleClick. Last week, the New York Post reported that advertising giant WPP Group (NASDAQ:WPPGY) was also considering a purchase of the company.

These are fat times for companies in the internet advertising delivery stream. Look for more to cash in while the market exuberance is high.