Yahoo to Shutter Video Distribution Unit Maven Networks

Authored by Mark Hefflinger on June 30, 2009 - 5:23am.

Sunnyvale, Calif. - Yahoo (NASD: YHOO) plans to shutter its Maven Networks online video distribution and ad platform, which it acquired for $160 million in January 2008, TechCrunch reported. "While video initiatives remain a priority for Yahoo, both for its consumer and advertising experiences, we are increasing investment in some areas while scaling back in others," the company told TechCrunch.

"This decision will allow us to focus our resources on the continued improvement of our core video offerings, such as enhancing the consumer video experience on Yahoo."

The company denied a report from a source who said that most of the Maven team will be laid off.

Yahoo had been using Maven's technology in its Yahoo video player, as well as in the Yahoo Video Advertising Platform.

The company added that it has closed or announced plans to close nearly 20 services in recent months, including Yahoo 360, Geocities, My Web and Yahoo Briefcase.

Related Links:
http://snipurl.com/l6nq7 (TechCrunch)

http://www.maven.net