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Yahoo! Extends Online Ad Reach

For $300 million, the Internet giant will acquire BlueLithium.
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said late Tuesday that it will buy online analytics ad marketing company BlueLithium for $300 million in cash.

The acquisition of the company, is

Yahoo!'s latest bid to take on


(GOOG) - Get Free Report

, which this year bought DoubleClick, and


(MSFT) - Get Free Report

, which bought AdECN in July and paid $6 billion for



, in the burgeoning online ad market.

"The combination of BlueLithium's assets and relationships with Yahoo's overall ad network will give advertisers access to powerful data analytics, advanced targeting, and innovative direct-response buying strategies," Yahoo! CEO Jerry Yang said in a statement.

The addition of BlueLithium is the next step "in creating the largest and most effective online ad network globally, which includes inventory on Yahoo!'s owned and operated properties, the Yahoo! Publisher Network, and the Right Media Exchange," the company said.

According to comScore Media Metrix, BlueLithium is the fifth largest ad network in the U.S. and second largest in the U.K. "with 145 million unique visitors each month."

Under the deal, expected to close in the fourth quarter, BlueLithium will become a wholly-owned subsidiary of Yahoo!. CEO Gurbaksh Chahal will stay on at BlueLithium through the integration.

Shares of Yahoo! gained $1.24, or 5.46%, to 23.97. After hours they rose 15 cents.