NEW YORK - Internet group Yahoo, which owns 20 percent of online advertiser Right Media, said Monday it would acquire the remaining 80 percent of the company for 680 million dollars (500 million euros).
"The acquisition of Right Media will further Yahoo's goal to create the industry's most open, accessible and vibrant advertising marketplace," said Yahoo chairman and chief executive Terry Semel in a statement.
Right Media is a leader in the growing online advertising market. More than 20,000 buyers and sellers use Right Media for their transactions every day.
"We are very excited by the prospect of becoming part of Yahoo, the market leader in display advertising, as it looks to revolutionize the media buying and selling landscape," said Right Media founder and CEO Michael Walrath in a statement.
Yahoo bought its 20-percent stake in Right Media in October 2006.
The remaining Right Media shareholders are to be paid with both cash and Yahoo stocks.
04/30/2007 12:02 GMT