Verizon, AOL Pay $238 Million for Millennial Media

Aol Verizon hoovering up ad tech cos:

Verizon’s AOL unit has finished its purchase of Millennial Media, a mobile ad network that has struggled to make it in an industry dominated by Facebook.AOL says it is paying $1.75 per share for Millennial, which traded as high as $27.90 when it went public in 2012, and closed at $1.34 last night. After accounting for Millennial’s cash and debt, AOL says it will end up spending $238 million on the company; investors once thought Millennial was worth $1.87 billion.

Source: Verizon, AOL Pay $238 Million for Millennial Media | Re/code