Google to buy mobile ad network for $750 million
Monday 09 November 2009
Google is stepping up its push to sell advertising on cell phones, announcing a deal Monday to buy a mobile ad network, AdMob, for $750 million (£449 million) in stock.
Google already has a mobile ad delivery system, DoubleClick Mobile, which it got with its $3.2 billion (£1.9 billion) acquisition of DoubleClick Inc. in 2008. Google said buying AdMob will give it more expertise in a market that is expected to grow rapidly over the next several years.
Google shares rose $9.84, or 1.8 percent, to $560.94 in afternoon trading.
Omar Hamoui founded AdMob in 2006. The company, which is based in San Mateo, California, provides a market for advertisers to buy space on Web sites geared for mobile devices.
"Mobile advertising has enormous potential as a marketing medium and while this industry is still in the early stages of development, AdMob has already made exceptional progress in a very short time," Susan Wojcicki, Google's vice president of product management, said in a statement.
Italian police 'reveal' what Jesus looked like as a young boy
Who should I vote for in the general election? Take The Independent's interactive quiz to find out which party is the right choice for you
Florida couple forced to register as sex offenders for having sex on public beach
Mysterious 'X-Files' sounds heard miles above the Earth
Met Gala 2015: Jason Derulo falling over in epic fashion, the event's most talked about moment, wasn't what it seemed
- 4 Women think Irish men are the sexiest, survey finds
- 5 Florida couple forced to register as sex offenders for having sex on public beach
£35000 - £40000 per annum + car and benefits: Ashdown Group: Marketing Manager...
£30 - 35k: Guru Careers: A Senior Account Manager / SAM is needed to join the ...
£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...
£20 - 25k + Bonus: Guru Careers: Are you a Recruitment Consultant looking to m...