Adconion Media acquires Joost assets
November 24, 2009
The Adconion Media Group, a Santa Monica based independent global audience and content network, announced today that it has acquired certain assets from privately-held Joost, the online video service. Terms of the transaction were not disclosed.
In June, Joost announced a change in its business strategy to focus on providing white-label video platforms, and Adconion plans to pursue this strategy but will also keep the web TV portal for consumers alive. The company has acquired the Joost trade name and the website Joost.com, as well as some technical assets.
“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 website publishers with an end-to-end global video platform and cross-channel video and display ad-serving solution,” said Tyler Moebius, CEO, Adconion Media Group, in a statement.
Janus Friis, co-founder of Joost, said, “Over the past few months we have been actively exploring strategic options for Joost, and have concluded that the sale of certain of its assets to Adconion is in the best interests of Joost.”
Adconion reaches nearly 300 million unique users on a monthly basis. Prior to the Joost acquisition, Adconion was serving more than 80 million video streams per day to targeted audiences across 2,000 global websites