Iria

America Online has acquired video search company Truveo, a purchase that comes at a time when top Internet companies are jumping into the video-on-demand business.

AOL announced the deal Tuesday morning but declined to disclose what it paid for the 12-employee company. AOL spokesman Nicholas Graham said that it was an all-cash transaction and was the largest acquisition AOL has made since paying $435 million for interactive marketing company Advertising.com in June 2004.

"Clearly online video is a mass market phenomenon," said Kevin Conroy, AOL executive vice president of media networks. "It's important for consumers to have the best means to find what they are looking for--and the video searches up to this point are not as good as text search."

Yahoo, Google, Reuters and Amazon.com are just a few of the players who have boosted their video offerings in recent months.
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Read More / Source: News.com