Adconion acquires online video service Joost

MUMBAI: Adconion Media Group has acquired some key assets of online video service company Joost. Though the terms of the transaction have not been disclosed, it is learnt that it is a fire sale that wouldn’t bring any returns to Joost‘s investors.

Last June, Joost effected a change in its business strategy to focus on providing white-label video platforms. Adconion says that it would pursue with that strategy.

Adconion recently announced its first long-term licensing partnership as the exclusive display and video ad-serving solution for the Goldbach Media Group in Europe.
Adconion CEO Tyler Moebius said, "Video is a top priority for our company, and through the acquisition of the assets of Joost, 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."

Moebius added that the company would be continuing to operate and would provide its clients with a destination site to showcase and distribute their branded entertainment content.  
Before it could acquire Joost, Adconion offered targeted distribution of content, including video and TV commercials, to audiences around the world via Adconion.TV. Through the acquisition, Adconion.TV will add to its library of professionally-produced video content available for targeted pre-roll ads across 2,000 publishers.
Said Joost ‘s former CEO Mike Volpi, “We had earlier put Joost on death watch, not in the least when its UK offices were dissolved and there was virtually no one left to comment on that story. It‘s also worth noting that the news of today’s acquisition comes a mere two weeks after it was announced that Joost’s owners Friis and Zennström had settled its lawsuits against eBay, the investor group that was purchasing Skype from eBay.”

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