EX-5 4 a2079096zex-5.txt EXHIBIT 5 EXHIBIT 5 MAY 7, 2002 THE BOARD OF DIRECTORS 24/7 MEDIA, INC. 1250 BROADWAY NEW YORK, NEW YORK 10001 DEAR SIRS: WE ARE ACTING AS COUNSEL TO 24/7 REAL MEDIA, INC., A DELAWARE CORPORATION (THE "COMPANY"), IN CONNECTION WITH THE REGISTRATION STATEMENT ON FORM S-8 WITH EXHIBITS THERETO (THE "REGISTRATION STATEMENT") FILED BY THE COMPANY UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS THEREUNDER, RELATING TO THE REGISTRATION OF 3,000,000 SHARES (THE "SHARES") OF COMMON STOCK, PAR VALUE $.01 PER SHARE, OF THE COMPANY. THE SHARES ARE TO BE ISSUED BY THE COMPANY UPON THE GRANT OF SHARES PURSUANT TO THE COMPANY'S 2002 EQUITY COMPENSATION PLAN. AS SUCH COUNSEL, WE HAVE PARTICIPATED IN THE PREPARATION OF THE REGISTRATION STATEMENT, AND HAVE REVIEWED THE CORPORATE PROCEEDINGS IN CONNECTION WITH THE ADOPTION OF THE COMPANY'S 2002 EQUITY COMPENSATION PLAN, AND HAVE ALSO EXAMINED AND RELIED UPON ORIGINALS OR COPIES, CERTIFIED OR OTHERWISE AUTHENTICATED TO OUR SATISFACTION, OF ALL SUCH CORPORATE RECORDS, DOCUMENTS, AGREEMENTS, AND INSTRUMENTS RELATING TO THE COMPANY, AND CERTIFICATES OF PUBLIC OFFICIALS AND OF REPRESENTATIVES OF THE COMPANY, AND HAVE MADE SUCH INVESTIGATIONS OF LAW, AND HAVE DISCUSSED WITH REPRESENTATIVES OF THE COMPANY AND SUCH OTHER PERSONS SUCH QUESTIONS OF FACT, AS WE HAVE DEEMED PROPER AND NECESSARY AS A BASIS FOR RENDERING THIS OPINION. BASED UPON, AND SUBJECT TO, THE FOREGOING, WE ARE OF THE OPINION THAT THE SHARES ARE DULY AUTHORIZED AND, UPON GRANT OF THE SHARES IN ACCORDANCE WITH THE TERMS OF THE COMPANY'S 2002 EQUITY COMPENSATION PLAN, AS THE CASE MAY BE, AGAINST PAYMENT OF THE EXERCISE PRICE THEREFOR (AS APPLICABLE), SUCH SHARES WILL BE, ASSUMING NO CHANGE IN THE APPLICABLE LAW OR PERTINENT FACTS, VALIDLY ISSUED, FULLY PAID, AND NON-ASSESSABLE. 1 WE HEREBY CONSENT TO THE FILING OF THIS OPINION AS EXHIBIT 5 TO THE REGISTRATION STATEMENT. IN GIVING THE FOREGOING CONSENT, WE DO NOT ADMIT THAT WE ARE IN THE CATEGORY OF PERSONS WHOSE CONSENT IS REQUIRED UNDER SECTION 7 OF THE SECURITIES ACT OF 1933, AS AMENDED, OR THE RULES AND REGULATIONS OF THE SECURITIES AND EXCHANGE COMMISSION PROMULGATED THEREUNDER. VERY TRULY YOURS, /s/ PROSKAUER ROSE LLP ---------------------- PROSKAUER ROSE LLP 2