Internet giant Yahoo! has announced that its acquisition of Right Media is now complete.Yahoo! originally placed a 20 per cent strategic investment in the company back in October and has now purchased the remaining equity interest in the online advertising exchange firm for around $650 million (325 million pounds).
The Sunnyvale-based search engine will be hoping the deal can help it sell more internet ads, as it goes head to head with rivals Google and Microsoft in the competition for online advertising supremacy.
Google is currently trying to finalise its deal to buy DoubleClick, while Microsoft is making plans for its takeover of aQuantive.
Jerry Yang, chief executive officer and co-founder of Yahoo!, said: "We are pleased to have closed our Right Media acquisition so quickly and are excited to welcome Right Media's talented employees to the Yahoo! family.
"We believe Right Media will be a perfect complement to our industry leading advertising tools and capabilities and help Yahoo! continue to transform how advertisers and publishers connect to their target audiences."
Michael Walrath, chief executive officer and founder of Right Media, will take on the role of senior vice president and report to Yahoo! president Susan Decker.
"We couldn't be happier than to have found a home with Yahoo! and look forward to working with Yahoo! as we continue to build the industry's most open, accessible and vibrant advertising ecosystem," added Walrath.
