AOL to Buy Millennial Media
September 03 2015 - 8:51AM
Dow Jones News
By Chelsey Dulaney
AOL, recently acquired by Verizon Communications Inc., has
agreed to buy Millennial Media Inc. for about $250 million, a move
to grow its app monetization services.
The offer of $1.75 a share is a 31% premium to Millennial
Media's closing price on Wednesday of $1.34 a share.
Millennial Media, founded in 2006, offers advertising and
monetization services for mobile and Web-based products. Its
platform has over 65,000 apps.
AOL expects the deal to add scale to its mobile brand
advertising options and to accelerate its position in markets such
as Singapore, Japan, and Germany.
"As we continue to invest in our platforms and technology, the
acquisition of Millennial Media accelerates our competitive mobile
offering in ONE by AOL and enhances our current publisher offering
with an 'all in' monetization platform for app developers," said
AOL President Bob Lord in a news release.
Verizon agreed in May to buy AOL in a $4.4 billion deal aimed at
advancing the telecom giant's growth ambitions in mobile video and
advertising. AOL has advanced technology for selling ads and
delivering high-quality Web video.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 03, 2015 08:36 ET (12:36 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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