Key Step in Executing Yahoo!’s Long-Term Strategy to Transform How Online Advertisers Connect to and Engage With Their Customers – Both On and Off the Yahoo! Network.
Some snippets from the announcement:
“SUNNYVALE, Calif., Apr 30, 2007 (BUSINESS WIRE) — Yahoo! Inc. (Nasdaq:YHOO), a leading global Internet company, today announced that it has entered into a definitive agreement to acquire Right Media Inc., creator of the Right Media Exchange. The acquisition of Right Media will build upon Yahoo!’s leadership in online advertising and is a key step towards executing the Company’s long-term strategy to transform how online advertisers connect to and engage with their customers – both on and off the Yahoo! network. Under the terms of the agreement, which follows Yahoo!’s 20 percent strategic investment in Right Media in October 2006, Yahoo! will acquire the remaining equity interest in Right Media for approximately $680 million. Shareholders will be paid in approximately equal parts cash and stock, and Right Media options and similar equity awards will be assumed by Yahoo!….”
“About Right Media
Right Media created an open media exchange to bring more efficiency, value and standardization to interactive advertising. The Right Media Exchange gives its members an easy way to access more media, form direct relationships and trade at fair market value. More than 20,000 buyers and sellers trade over four billion impressions a day on the Exchange. Right Media offers a range of solutions that help these businesses operate more efficiently — from simple exchange access to the ability to create their own exchange. Founded in 2003, the company is privately funded, including investments from Yahoo! and Redpoint Ventures, and is based in New York.
Yahoo! Inc. is a leading global internet brand and one of the most trafficked Internet destinations worldwide. Yahoo!’s mission is to connect people to their passions, their communities and world’s knowledge. Yahoo! is headquartered in Sunnyvale, California.
This press release contains forward-looking statements that involve risks and uncertainties concerning Yahoo!’s proposed transaction with Right Media Inc. (including without limitation the statements contained in the quotations from management in this press release), as well as Yahoo!’s strategic and operational plans. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties. The potential risks and uncertainties include, among others, the possibility that the transaction will not close or that the closing may be delayed; and that the anticipated benefits to Yahoo!, advertisers and publishers may not be realized. More information about potential factors that could affect Yahoo!’s business and financial results is included under the captions, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006 which is on file with the SEC and available at the SEC’s website at www.sec.gov.”
And some coverage of the announcement: