Web giant pays $160 million for video platform
Looking to boost its video advertising capabilities while fending off an acquisition offer from Microsoft, Yahoo on Tuesday acquired startup Maven Networks for about $160 million.Maven provides a video platform used by big media partners including Fox News, Sony BMG and CBS Sports both to deliver and sell advertising against their video content. Yahoo is hoping to use Maven’s technology to expand its video ad offerings. Netco is already struggling to compete with Google in the red-hot search marketing space, but many industryites expect video ads to be the next big opportunity online. “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,” said Hilary Schneider, Yahoo exec veep for global partner solutions, in a statement. Acquisition, which has been rumored online for several weeks, comes just a day after Yahoo rejected Microsoft’s $45 billion takeover bid. Microsoft is widely expected to increase its offer soon.