Google to buy mobile ad network for $750 mn
Google Inc. 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 in stock.
By Agencies |
CALIFORNIA: Google Inc. 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 in stock.
Google already has a mobile ad delivery system, DoubleClick Mobile, which it got with its $3.2 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.
In a statement, Google's vice president for product management, Susan Wojcicki, said that while mobile advertising ``is still in the early stages of development, AdMob has already made exceptional progress in a very short time.''
Google shares rose $9.81, 1.8 percent, to $560.91 in afternoon trading.
Google already has a mobile ad delivery system, DoubleClick Mobile, which it got with its $3.2 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.
In a statement, Google's vice president for product management, Susan Wojcicki, said that while mobile advertising ``is still in the early stages of development, AdMob has already made exceptional progress in a very short time.''
Google shares rose $9.81, 1.8 percent, to $560.91 in afternoon trading.
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