Yahoo acquires Maven, claims online video dominance
By Erina Lin, Tuesday 12 February 2008 at 22:08 :: Media Ownership :: #1244 :: rss
Yahoo, who turned down a takeover bid by Microsoft Monday, announced Tuesday its acquisition of Maven Networks, an online video distribution firm.
According to Yahoo, this deal is valued at about US$160 million, and would make it the leading premium video publisher online, Media Post reported Tuesday.
Following the deal, Yahoo claimed it now owns the "largest library of professionally produced legally licensed video content," and said it has ad deals with over 75 percent of the top television advertisers as well as major video producers, such as Comcast, eBay, Newspaper Consortium, and Forbes.com.
Maven is the distributor of premium online video content from more than 30 major media companies, including Fox News, Sony BMG, CBS Sports, Hearst, Gannett, Scripps Networks and the Financial Times, as well as hundreds of their affiliates, according to Media Post.
"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. This is a big win for publishers, advertisers, consumers and for Yahoo!" said Hilary Schneider, executive vice president-global partner solutions at Yahoo, in a statement Tuesday morning.
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