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Google sheds radio ad business-buys video tech firm
San Francisco (AFP) Aug 5, 2009 Google on Wednesday shed its disappointing radio ad business and announced a 106.5-million-dollar stock deal to buy a firm that specializes in compressing video for the Internet. San Francisco-based WideOrbit Inc. said it is buying Google Radio Automation and related assets from the Mountain View, California, Internet titan. Google revealed early this year that it wanted to get out of the business of targeting radio advertising because the endeavor has not performed as well as it had envisioned. WideOrbit makes business software for radio broadcasters. "The acquisition of Google Radio Automation is key to WideOrbit's strategy to expand our product offering and deliver the most advanced and comprehensive solution to radio broadcasters," said WideOrbit chief executive Eric Mathewson. Under the terms of the deal, US-based WideOrbit will take on some Google Radio Automation employees and get the service's 3,600 customers. "We are pleased that WideOrbit will be able to take advantage of Google's radio automation technology as they continue to develop their business," said Jim Woods, Director of product management at Google. Google continued to invest in online video, and the potential of its popular YouTube service, with an agreement to buy US-based On2 Technologies. On2 specializes in compressing digitized video files to move the data-rich packages quickly across the Internet. "Video is an important part of many people's everyday activities on the Internet and a big part of many Google products," Google video engineering director Jeremy Doig and group product manager Mike Jazayeri said in an online post. "We are committed to innovation in video quality on the web, and we believe that On2 Technologies' team and technology will help us further that goal." Google said it will buy On2 in an all stock deal valued at 106.5 million dollars. The deal is subject to approval by On2 stockholders and US regulators, but Google is optimistic it will close by the end of the year. Share This Article With Planet Earth
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