Yahoo announced on Tuesday that it has acquired the online video platform provider Maven Networks for US$160 million. The Internet search company -- itself a buyout target for Microsoft -- claimed the purchase makes it one of the most robust video platforms in the industry.
Maven Networks currently offers online video management and distribution solutions to over 30 major media companies including Fox News, Sony BMG, CBS Sports, Hearst, Gannett, Scripps Networks, and the Financial Times. Yahoo plans to continue offering Mavenis services and hopes to extend its advertising to the video companyis client base as well.
Maven Networks will operate as a wholly owned subsidiary of Yahoo.
Yahoois purchase of Maven Networks may change how Microsoft pursues its attempt to take over the Internet search and advertising company. Microsoft presented Yahoo with an unsolicited buy out offer of $44.6 billion on Februrary 1. Yahoo rejected the offer on Monday when it stated that Microsoftis offer "substantially undervalued" the company.