Google to buy mobile ad network for $750 million

Author: AP

Google already has a mobile ad delivery system, DoubleClick Mobile, which it
got with its $3.2 billion (£1.9 billion) acquisition of DoubleClick Inc. in
2008. Google said buying AdMob will give it more expertise in a market that
is expected to grow rapidly over the next several years.

Google shares rose $9.84, or 1.8 percent, to $560.94 in afternoon trading.

Omar Hamoui founded AdMob in 2006. The company, which is based in San Mateo,
California, provides a market for advertisers to buy space on Web sites
geared for mobile devices.

“Mobile advertising has enormous potential as a marketing medium and while
this industry is still in the early stages of development, AdMob has already
made exceptional progress in a very short time,” Susan Wojcicki, Google’s
vice president of product management, said in a statement.

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