May 18, 2006 9:05 AM PDT
AOL acquires Lightningcast
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In addition to video and audio advertising creation and insertion, Lightningcast also handles ad campaign management and results reporting. AOL has had a working relationship with Lightningcast since 2002 and has used its services for AOL Radio, AOL Video and In2TV ventures.
The Time Warner unit has been moving into the advertising and broadband video business over the last few years. In June 2004, AOL acquired Advertising.com for $435 million; and in January of this year, it purchased Truveo, the owner of a video search engine.
Lightningcast, a privately held company based in Washington, D.C., will become a subsidiary of Advertising.com. CEO Tom MacIsaac will remain with the company in that role.
The deal was closed on Wednesday, according to an announcement made today by AOL. Lightningcast's 34 employees will remain with the company. Financial details of the deal were not disclosed.