AOL Acquires Millennial Media for $238 Million

It's an advertising bonanza!

AOL has acquired Millennial Media, a mobile ad company, for $238 million. The move coincides with news that Verizon (which bought AOL in May) is launching an ad-supporred mobile video service.

With the purchase of Millennial Media, AOL gets access to its 65,000 apps and roughly one billion active users spread across the globe.

“AOL is well positioned as consumers spend more and more time on mobile devices, and as advertisers, agencies and publishers become more reliant on programmatic monetization tools,” said Bob Lord, AOL’s president, in a statement. “As we continue to invest in our platforms and technology, the acquisition of Millennial Media accelerates our competitive mobile offering in One by AOL and enhances our current publisher offering with an ‘all in’ monetization platform for app developers.”