News & Updates - Friday, February 1, 2008
Report: Yahoo To Buy Video's Maven Networks
Life for the Yahooligans couldn't get much more odd. They see that Jerry Yang really doesn't know how to fix the thing and now Jerry is writing pink slips. Microsoft has made a generous, but unsolicitated offer to buy the company. On top of that, Yahoo is still in M&A mode, trying to add new companies and headcount at a time when it is clear that Yahoo management doesn't know how to manage.
Yahoo reportedly is nearing a deal to acquire online video hosting firm Maven Networks, for between $160M - $170M. The company counts CBC, CBS, CNET, Financial Times, Fox News, USA Today, Sony BMG and TV Guide among its customers. It was founded by Hilma Ozguc who had previously launched Narrative Communications.
The deal is meant to hasten Yahoo's expansion into video advertising. Sounds great in principal, the trouble is that nobody expects video advertising to become a significant business for some years, so this there is nothing here that can bail out Yahoo or contribute in the short run. So on the one hand we respect Jerry and Co. for thinking long term but on the other hand we think the company should be a hold on such deals while they figure out what to do today and to make it happen.
Maven has raised around $24M in VC funding from Accel Partners, General Catalyst Partners and Prism VentureWorks.
Maven powers Food Networks
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