Hello,

We noticed you're browsing in private or incognito mode.

To continue reading this article, please exit incognito mode or log in.

Not an Insider? Subscribe now for unlimited access to online articles.

Business Impact

Google to buy mobile ad network for $750 million

MOUNTAIN VIEW, Calif. (AP) – Google Inc. is stepping up its push to sell advertising on cell phones, announcing a deal Monday to buy a mobile ad network, AdMob, for $750 million in stock.

Google already has a mobile ad delivery system, DoubleClick Mobile, which it got with its $3.2 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, Calif., 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.

Copyright 2009 The Associated Press.

More from Business Impact

How technology advances are changing the economy and providing new opportunities in many industries.

Want more award-winning journalism? Subscribe to Insider Online Only.
  • Insider Online Only {! insider.prices.online !}*

    {! insider.display.menuOptionsLabel !}

    Unlimited online access including articles and video, plus The Download with the top tech stories delivered daily to your inbox.

    See details+

    Unlimited online access including all articles, multimedia, and more

    The Download newsletter with top tech stories delivered daily to your inbox

/3
You've read of three free articles this month. for unlimited online access. You've read of three free articles this month. for unlimited online access. This is your last free article this month. for unlimited online access. You've read all your free articles this month. for unlimited online access. You've read of three free articles this month. for more, or for unlimited online access. for two more free articles, or for unlimited online access.