Video
Adconion Media Group said Tuesday it bought Joost assets for an undisclosed sum. These include the technology behind Joosts video platform and the Joost trademark.
About 12 Joost employees – the majority – were given jobs at Adconion, which plans to continue operating Joost.com as an entertainment site.
Joost, which had been shopping for a buyer for several months, had earlier approached cable TV operators Comcast Corp. and Time Warner Cable Inc. about a sale.
The site was started with much fanfare by Janus Friis and Niklas Zennstrom, the people behind the Internet phone service Skype and the file-sharing service Kazaa.
Joost turned to online video after an unsuccessful stint as a peer-to-peer sharing site. But it found that it couldnt survive on advertising. As a result, the company again shifted its focus, this time from being a consumer-focused online video site to helping businesses manage videos on the Web.
Tyler Moebius, CEO of Santa Monica, Calif.-based Adconion, said the acquisition will help the company expand the video advertising products it offers.