Video Service Joost Sells Assets to Adconion Media Group

Authored by Mark Hefflinger on November 24, 2009 - 8:26am.

Santa Monica, Calif. - Adconion Media Group, the operator of an online ad and content network, announced on Tuesday that it has acquired Joost, the streaming TV service founded by the creators of Kazaa and Skype. Financial terms of the transaction were not disclosed. Founded in 2007 by Niklas Zennstrom and Janus Friis, Joost has raised about $50 million in funding for its peer-to-peer-based video distribution service.

Initially, Joost tried to attract content partnerships and become a consumer video application.

In June, the company laid off staff and shifted its focus to providing white-label video services.

"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 of Adconion Media Group.

"This acquisition immediately brings additional scale and content to the Adconion video pre-roll network for clients who are looking for a safe, cost-effective alternative to achieve the maximum value of online video advertising. We'll also continue to operate Joost.com, providing clients with a destination site to showcase and distribute their branded entertainment content."

For its part, London-based Adconion's online network reaches nearly 300 million monthly unique users, and serves more than 80 million video streams per day.

Related Links:
http://snipurl.com/tekko

http://snipurl.com/tekow (PaidContent)

http://snipurl.com/tekln (DMW previous coverage)

http://www.joost.com