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AOL Scoops up Millennial Media


AOL, which was just acquired by Verizon for $4.4B earlier this year, is acquiring Baltimore-based Millennial Media, an independent mobile ad marketplace launched in 2006, for $1.75/share. The enterprise value of the deal is $238M after accounting for debt. AOL is using the acquisition to build out its digital advertising presence, specifically mobile ads. Millennial Media’s network covers 65,000 apps and 1 billion active users globally. Millennial went public in 2012 and posted a valuation of $2B. The deal is expected to close this fall. [TC]