Mergers and Acquistions News
Categories: Media & Information Services
June 23rd 2011, 15:53PM
Google chief Eric Schmidt has confirmed that the company is on the lookout for more display ad acquisitions to boost its challenge to social networking sites such as Facebook.
The executive president told reporters at the Cannes Lion advertising festival that it would continue to take on companies which specialise in handling display ads such as banners and video, despite the fact the company is currently the subject of a competition investigation in Europe.
Mr Schmidt said: "It would be good to have more diversified revenue. I would argue that we're doing really well there. We started off with largely text ads, and now we have this display business, which is going to end up being a $10 billion, $20 billion kind of business. It will be very large."
His comments came just days after the company confirmed that it had finalised a deal to acquire Admeld. Industry press reports have speculated that the deal is worth around $400 million (£250 million).
Neal Mohan, vice president of display advertising for the internet giant, said he hoped the deal would help online advertisers and aid the growth of the display marketing sector in general.
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