Yahoo! Snags the Rest of Right Media - TheStreet

Yahoo! Snags the Rest of Right Media

It already owned 20%.
Author:
Publish date:

Yahoo!

(YHOO)

made a move Monday to bolster its online advertising efforts, saying it will buy the rest of Right Media for roughly $680 million in cash and stock.

The deal, Yahoo! said, will extend its "leadership in online advertising and is a key step towards executing the company's long-term strategy to transform how online advertisers connect to and engage with their customers -- both on and off the Yahoo! network."

Yahoo! had purchased a 20% stake in Right Media last October.

"The acquisition of Right Media will further Yahoo!'s goal to create the industry's most open, accessible and vibrant advertising marketplace, which will help democratize the buying and selling of digitally enabled advertising," said Terry Semel, chairman and CEO of Yahoo!, in a press release. "This acquisition is an important step in our long-term vision to build the industry's leading advertising and publisher ecosystem."

Shares of Yahoo! were down 4 cents to $28.30 in premarket trading.