AOL tunes into video ads with Adap.tv buy
NEW YORK (AFP) - US Internet pioneer AOL announced on Wednesday that it is buying online video advertising platform Adap.tv in a US$405 million (S$513.1 million) deal spotlighting the lucrative potential of the market.
The acquisition is the company's largest since it regained its independence from media giant Time Warner in late 2009.
Adapt.tv is among the fastest growing video ad platforms on the Internet, having doubled its revenue annually in the past three years, according to AOL, which expected the takeover to be completed by early September.
Last year, Silicon Valley-based Adap.tv supported more than 26,000 global ad campaigns run across approximately 9,500 websites.