AOL acquires Web video company 5min Media

Sep 28, 2010

AOL, the once high-flying Internet portal which is seeking to make a comeback as a content company, announced Tuesday it has acquired Web video syndication firm 5min Media.

Financial details of the transaction were not revealed, but Dow Jones-owned technology blog MediaMemo said the purchase price was between 50 million and 65 million dollars.

The Wall Street Journal and technology blog GigaOm reported meanwhile that was in talks to acquire TechCrunch, a leading technology blog. AOL already owns a TechCrunch rival, Engadget.

AOL chairman and chief executive Tim Armstrong said the purchase of 5min Media was intended to "better position AOL to capture the growing video opportunity on the Web.

"AOL is building a video ecosystem for the next decade," Armstrong said in a statement. "With 5min Media we'll be able to add more video inventory to our pages."

Ran Harnevo, 5min Media's co-founder and chief executive, said AOL and 5min Media "share the same excitement about the direction our industry is taking.

"Our complementary video capabilities make us a compelling fit and an attractive combination for content creators and publishers," he said.

Founded in 2006 and with headquarters in New York and offices in Tel Aviv, 5min Media has a library of more than 200,000 videos from more than 1,000 media companies and professional independent video producers.

According to online tracking firm comScore, 5min Media had more than 20 million unique viewers and more than 130 million video streams in the United States in August.

AOL merged with Time Warner in 2001 at the height of the dot-com boom in what is considered one of the most disastrous mergers ever and was spun off by Time Warner in December into an independent company.

Armstrong has embarked on an aggressive round of cost-cutting since taking the reins at AOL last year and has said he plans to refocus the company on "content, ads and communications."

Explore further: Why the Sony hack isn't big news in Japan

add to favorites email to friend print save as pdf

Related Stories

AOL to buy tech blog TechCrunch

Sep 28, 2010

(AP) -- AOL Inc. said Tuesday that it will buy technology blog TechCrunch and its sister sites for an undisclosed amount in a bid to expand its news production.

Focus on content as AOL marks 25th birthday

May 24, 2010

AOL marked its 25th birthday Monday with chief executive Tim Armstrong saying the once high-flying Web company would focus on creating quality content and advertising as it maps out its future.

AOL sells ICQ instant messaging to Russia's DST

Apr 28, 2010

AOL said Wednesday it has sold ICQ, the top instant messaging service in Russia, to Russian Internet company Digital Sky Technologies Limited (DST) for 187.5 million dollars.

AOL CEO turns down $1.5M 2009 bonus

Feb 03, 2010

(AP) -- AOL Inc. CEO Tim Armstrong has turned down a bonus of at least $1.5 million in 2009, the company reported in a filing Tuesday.

AOL buys two Web startups

Jun 12, 2009

Internet pioneer AOL, which Time Warner plans to spin off into an independent company later this year, announced on Thursday that it had bought two small Web startups focused on local content.

Recommended for you

Why the Sony hack isn't big news in Japan

10 hours ago

Japan's biggest newspaper, Yomiuri Shimbun, featured a story about Sony Corp. on its website Friday. It wasn't about hacking. It was about the company's struggling tablet business.

Sony faces 4th ex-employee lawsuit over hack

15 hours ago

A former director of technology for Sony Pictures Entertainment has sued the company over the data breach that resulted in the online posting of his private financial and personal information.

Sony tells AFP it still plans movie release

16 hours ago

Sony Pictures boss Michael Lynton denied Friday the Hollywood studio has "caved" by canceling the release of "The Interview," and said it still hoped to release the controversial film.

2012 movie massacre hung over 'Interview' decision

Dec 19, 2014

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

Clooney slams skittish Hollywood after Sony hack

Dec 19, 2014

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.