AOL to buy video ad platform for $405 million

AOL Inc has agreed to purchase video advertising platform Adap.tv for $405 million in a mix of cash and stock.

Purchases video advertising platform

The company on Wednesday also reported higher revenue on gains made in advertising. AOL said second-quarter revenue rose almost 1 percent to $541.3 million, compared with analysts average estimates of $539.6, according to Thomson Reuters I/B/E/S.

Net income for the second quarter fell to $28.5 million, or 35 cents per share, compared with $970.8 million, or $10.17 per share in the same quarter last period. During the second quarter last year, AOL sold a group of patents to Microsoft for more than $1 billion.

Reuters