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Joost acquired by online ad company Adconion

Tue, 11/24/2009 - 7:55am
The Associated Press

NEW YORK (AP) – The struggling online video start-up Joost, begun with much fanfare by the creators of Skype and Kazaa, has been sold to an online advertising company.

Adconion Media Group said Tuesday it bought Joost assets for an undisclosed sum. These include the technology behind Joost's video platform and the Joost trademark.

About 12 Joost employees – the majority – were given jobs at Adconion, which plans to continue operating Joost.com as an entertainment site.

Joost, which had been shopping for a buyer for several months, had earlier approached cable TV operators Comcast Corp. and Time Warner Cable Inc. about a sale.

The site was started with much fanfare by Janus Friis and Niklas Zennstrom, the people behind the Internet phone service Skype and the file-sharing service Kazaa.

Joost turned to online video after an unsuccessful stint as a peer-to-peer sharing site. But it found that it couldn't survive on advertising. As a result, the company again shifted its focus, this time from being a consumer-focused online video site to helping businesses manage videos on the Web.

Tyler Moebius, CEO of Santa Monica, Calif.-based Adconion, said the acquisition will help the company expand the video advertising products it offers.

More Broadband Direct 11/24/09:
•  Joost acquired by online ad company Adconion
•  TiVo signs on with Google for ad measurement
•  Optimum Lightpath serves up Ethernet, savings to medical facility
•  N.D. landowner sues Midcontinent over cable
•  Windstream to buy Iowa Telecom for $1.1B
•  Report: Millions of HDTV households need HD service
•  IEEE standard coming for 40/100 Gbps
•  Czech Republic providers gear up for D3 with Arris
•  ST&T signs reseller agreement with Ensequence
•  Motorola, RIM named in visual voicemail lawsuit
•  EU drops Qualcomm antitrust probe
•  Broadband Briefs for 11/24/09

 

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