(Photo courtesy of Advertising.com)
In a surprise deal, Verizon announced Tuesday an agreement to acquire AOL. The deal is valued at $4.4 billion in cash, according to a press release from Verizon.
In the release, Verizon emphasized AOL’s strengths in digital content and advertising platforms. In short, Verizon is aiming to create more content focused on mobile devices. To make money on this content, they want to offer ads.
“The combination of Verizon and AOL,” the release says, “creates a scaled, mobile-first platform offering directly targeted at what eMarketer estimates is a nearly $600 billion global advertising industry.”
AOL became a big part of Baltimore’s tech community with its acquisition of Advertising.com in 2004. The company recently relocated from Tide Point to a sprawling new open office space in the Natty Boh Tower complex in Canton.
Tuesday’s announcement from Verizon frequently referenced AOL’s strength in mobile and programmatic advertising, which is a major focus at Advertising.com, calling AOL’s advertising platforms “a key tool for us to develop future revenue streams.” Along with video, Verizon said the AOL acquisition also plays into its Internet of Things strategy.
We’re reaching out to reps from AOL/Ad.com to see how the deal may affect operations in Baltimore.-30-
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