Yahoo to buy Right Media

Yahoo is buying online advertising exchange Right Media in a move to counter Google's move to acquire the DoubleClick Internet ad-targeting firm, an AFP report said.

The AFP report said Yahoo, which owns 20% of Right Media, will acquire the remaining 80% of the company for $680 million in stock and cash.

Right Media is a leader in the growing online advertising market, with more than 20,000 buyers and sellers using Right Media for their transactions every day, the AFP report said.

Yahoo bought its 20% stake in Right Media in October 2006, it added.

The AFP report further said Yahoo will use its computer servers, engineering talent and other massive technical resources to help Right Media quickly grow as a sophisticated open exchange for the buying and selling of online advertising.

Yahoo hopes to entrench Right Media as the dominant ad exchange before DoubleClick can get its footing in the market, the report further said.