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AOL To Acquire Millennial Media For $250 Million

AOL, Inc. (NYSE:AOL), a subsidiary of Verizon Communications Inc. (NYSE:VZ) announced its agreement to acquire Millennial Media for $1.75 per share or nearly $250 million. The acquisition price represents a 31% premium to its closing price of $1.34 per share on Wednesday.

Millennium Media is an independent mobile advertising marketplace. The shares of the company surged more than 29% to $1.74 per share after AOL announced its transaction today.

AOL strengthens mobile capabilities

According to the AOL, acquiring Millennial Media would help strengthen its mobile capabilities further. It also underlines its position as the first global mobile media technology company.

AOL is currently operating scaled global content brands, delivery network and...