America Online to acquire

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Dulles, Va.—America Online Thursday announced that it has signed an agreement to acquire third-party ad network for $435 million in cash.

AOL said that combining its advertising inventory with the network will give advertisers the ability to reach more than 140 million Internet users. AOL also said the acquisition would complement its search business.

" will extend our advertising footprint on the Web, giving us unparalleled reach, and allow us to serve our advertisers better with more efficient campaigns," said Ted Leonsis, vice chairman of America Online and president of AOL Core Service, in a statement. " brings a new dimension to our advertising offerings, enabling us to more fully participate in the growth in performance-based advertising." will remain based in Baltimore and will be managed as a separate company reporting to Michael J. Kelly, president of AOL Media Networks. The transaction is expected to close later this summer.

Jonathan Miller, AOL chairman-CEO, said: "This acquisition is a strategic move that will bolster AOL's advertising business, building on the strides made in the past year."

—Carol Krol

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