Add to del.icio.us     Digg this

April 30, 2007

Today, Yahoo said that it is acquiring for about US $680 million the remaining 80 percent interest in online advertising exchange Right Media Inc. that it doesn't already own.

Yahoo had acquired a 20 percent stake in Right Media in October of last year.

The company added that shareholders would be paid in roughly equal parts of cash and stock, with Yahoo assuming the New York-based company's options and equity awards nevertheless.

Overall, Right Media said more than 19,000 advertisers, publishers and networks buy and sell pay-per-click advertising on its auction-based exchange.

Terry Semel, Yahoo's chairman and chief executive, said the acquisition furthers Yahoo's goal of creating "the industry's most open, accessible and vibrant advertising marketplace."

Semel also added that "this will help democratize the buying and selling of digitally enabled advertising."

Earlier this morning, Yahoo's stock went up 16 cents in pre-market trading, after closing Friday at $28.50 on the Nasdaq stock exchange.

Add to del.icio.us     Digg this

    This article was featured on Business 5.0.

Source: Canoe News