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AOL Buys Millennial Media for $248 Million as Part of Mobile-Ad Push

Media giant is offering $1.75 per share of common stock, signaling a 31 percent jump from Millennial’s end-of-day Wednesday stock price

AOL acquired mobile-advertising technology company Millennial Media for $248 million on Thursday as it continues to push its mobile-ad agenda.

The media giant is offering $1.75 per share of common stock, totaling a 31-percent jump from Millennial’s end-of-day stock price on Wednesday.

The all-cash deal is further proof of Verizon’s intentions when it acquired AOL for $4.4 billion: it aims to leverage AOL and its portfolio media companies’ advanced mobile-ad technology and video. Now, it seems it’s trying to expand it.

“AOL is well positioned as consumers spend more and more time on mobile devices, and as advertisers, agencies and publishers become more reliant on programmatic monetization tools,” AOL president Bob Lord said about the deal.

“As we continue to invest in our platforms and technology, the acquisition of Millennial Media accelerates our competitive mobile offering in ONE by AOL and enhances our current publisher offering with an ‘all in’ monetization platform for app developers.

Millennial Media was founded in 2006 with offices in America, London, Paris, Germany, Japan, Singapore and Germany. Some companies in its portfolio include TapMetrics, Metaresolver, Jumptap, Condaptiv and Nexage.