Today, AOL, Inc. (NYSE:AOL) announced that they have agreed on a deal with Millennial Media, Inc. (NYSE:MM) for $250 million in efforts of revamping Millennial Media struggling ad platforms. AOL which is now owned by Verizon Communications Inc. (NYSE:VZ) is trying to boost AOL’s advertisement platforms, Verizon has big plans for the future of the company and believes that ad platforms will be a key to their success.
Verizon is expected to release its mobile-first OTT video service which will put them ahead of the curve compared to the other mobile carriers. Though Millennial is considered a “struggling” company it still manages to have an international presence including Asia and Europe.
"By joining AOL, we will be adding additional mobile expertise to AOL's growing technology assets," said Michael Barrett, president and CEO of Millennial Media, in a joint release announcing the acquisition.
Bob Lord, the president of AOL said that this deal brings monetization opportunities and close to a billion unique users which will be easier to reach out to potential clients. "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," he said.
Look for more on this story in the upcoming days as both companies are finalizing the agreements.