Online advertising network 24/7 Real Media is officially on the block, after reports about WPP and Micrsoft being interested in buying it. The company disclosed as much in its Q1 earnings yesterday…it is “assessing strategic alternatives and announced that it has retained Lehman Brothers as its financial advisor to assist in the process.”

In its earnings report, it reported a Q1 loss of $56K, versus a loss of $7.5 million a year ago. Revenues rose 34 percent to $57.7 million from $42.9 million last year, boosted by international operations, which accounted for 64 percent of the total. The company also raised its 2007 revenue forecast to $265 million to $275 million. Earnings release.

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