SUNNYVALE, CA - Yahoo Inc. said Tuesday it acquired Maven Networks Inc., an online video provider, for about $160 million. Sunnyvale-based Yahoo (NASDAQ: YHOO) said the combined companies will be able publishers a full portfolio of technology and media products. Maven Networks, based in Cambridge, Mass., is now a wholly-owned subsidiary of Yahoo.
"Video is projected to be the fastest growing segment of the online ad market, and Maven will significantly help advance Yahoo's strategy, expanding the video opportunity for publishers and increasing the efficiency and effectiveness for advertisers," Yahoo said.
The companies said Maven helps professional media companies quickly and easily create, distribute and profit from direct-to-consumer Internet TV channels and networks. The Maven Internet TV Platform is used by organizations that include CanWest, CBS Sports, CBC, CNET, Gannett, The Financial Times, Fox Business Network, Fox News, Hearst, MediaNews Group, Ogilvy, Scripps Networks, Sony BMG, Sony Pictures Television, and TV Guide.
Meanwhile, the Wall Street Journal reported that Yahoo plans to notify about 1,000 employees Tuesday that they will lose their jobs. Yahoo, which has 14,300 employees, told staff earlier that some would be able to find other positions in the company's priority business areas.
Source: AllHeadlineNews.com