Adconion Media Group Acquires Joost24 Nov, 2009 By: Jordan Harrison
Online advertising company Adconion Media Group has acquired certain assets of online video service Joost.
The sold assets include the technology behind Joost's video platform and the Joost trademark, according to the Associated Press.
In June, Joost announced a change in its business strategy to focus on providing online video platforms for third-party media companies, and Adconion plans on following through with that strategy.
Most of Joost’s employees, about 12, were given jobs at Adconion, which plans to continue operating Joost.com as an entertainment site, according to the AP.
“Video is a top priority for our company, and through the acquisition of the Joost assets we will be able to provide advertisers, content owners and Web site publishers with an end-to-end global video platform and cross-channel display ad-serving solution,” said Adconion CEO Tyler Moebius.
The acquisition instantly adds many dimensions to Adconion’s existing video service and will further solidify its position in the online video and content syndication market. Adconion previously offered targeted distribution, including television commercials, and with the acquisition of Joost, adds to its library professionally produced video content across 2,000 premium publishers.
“Over the past few months we have been actively exploring strategic options for Joost, and have concluded that the sale of its certain assets to Adconion is in the best interests of Joost,” said Janus Frius, co-founder of Joost.
Terms of the transaction were not disclosed.