Yahoo spent $ 160 million to buy Maven Networks

Although facing the threat of 'software giant' Microsoft 'swallowed', Yahoo on 12/2 still completed the contract to buy online video service provider Maven Networks Inc.

The US $ 160 million contract marks Yahoo's latest effort in expanding its online advertising network to boost revenue and escape a bad financial situation that has been in existence for more than two years. by.

The worst financial situation is the 'driving force'. Microsoft promotes the acquisition of Yahoo. However, the company recently said its refusal to the software giant's proposal.

Tim Cadogan, senior vice president in charge of Yahoo's marketing, said it had negotiated the acquisition of Maven before Microsoft offered to buy the company.

Yahoo intends to maintain about 70 Maven employees remaining about 1,000 other employees will be fired. Spokesman for Yahoo, Dianaa Wong, declined to comment on the information.

Maven Networks Inc specializes in providing technology solutions to help film studios and TV companies find video publishing websites and manage advertising. The online video advertising market is currently growing at a very fast pace. Especially in terms of broadband network is becoming increasingly popular and the number of online entertainment readers, watching online videos . is booming strongly. It is estimated that in the next three years, the cost of online video advertising will increase by three times to reach about $ 4.3 billion.