Yahoo is now $650 million poorer, but that’s all right – it’s only a side effect of the Right Media acquisition having been completed.
“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,” stated Jerry Yang, Yahoo’s new CEO, in a press release. In reference to Yang’s use of “quickly”: poor old Google surely wishes its DoubleClick deal could be resolved in the same manner.
In any case, Yang continued, “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.”
This won’t be an entirely new situation for either company – Yahoo has owned 20 percent of Right Media since October of last year, and Adweek’s Brian Morrissey reports that Yahoo has been active on the Right Media Exchange, which “lets publishers auction off ad space to ad networks and advertisers,” since that time.
The search engine company “has said it plans to sell most of its non-premium Web inventory in this fashion,” Morrissey then writes.
And Right Media is thrilled about that. In the same release, Michael Walrath, Right Media’s CEO and founder, said, “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.”
