Yahoo Pulls Plug On Maven Net-Video Unit
Internet Company Acquired Startup For $160 Million Last Year
By Todd Spangler -- Multichannel News, 7/1/2009 6:57:52 AM
Yahoo is shutting down the Maven Networks online video-management services group, which the Internet company acquired last year for $160 million.
Maven's platform had been used by more than 30 media companies, including Fox News, Scripps Networks, A&E Television Networks, CBS Sports, Hearst and Gannett. Yahoo had hoped to use Maven's technology and customer base to expand its inventory for online-video advertising by allowing clients to buy ads across multiple publishers.
"After careful consideration, Yahoo is planning to wind down its Maven Networks customer base," Yahoo said in a statement. "This decision will allow us to focus our resources on the continued improvement of our core video offerings, such as enhancing the consumer video experience on Yahoo."
Yahoo said Maven technology will continue to be used in its video player, as well as in the Yahoo Video Advertising Platform for both on- and off-network advertising partners.
In the last year, Yahoo has closed or announced its intention to shut down nearly 20 services, including the Yahoo 360 social-networking service (which will close July 13), GeoCities and Yahoo Briefcase.
Yahoo's decision to close Maven was first reported by TechCrunch.
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