AOL Scoops Up Video Advertiser Lightningcast

Lightningcast, a broadband video advertiser, is the latest firm to be scooped up by media behemoth Time Warner’s Internet service provider, AOL, The Wall Street Journal reports.

The financial details of the deal have not been publicly announced, according to the Journal.

AOL plans to merge Washington, D.C.-based Lightningcast, which employs 34 people, with its Advertising.com division, the Journal reports.

AOL has been struggling to retain subscribers lately due to an increase in the popularity of broadband services offered by competitors and the Web-savvy users who no longer need the hands-on instruction that made AOL so successful in the late 1990s. In early May, the company announced it had dropped some 835,000 subscribers during the first quarter of 2006, and a week later it cut 1,300 staff positions.

For related news coverage, read AOL Says Goodbye to 835K Subscribers and AOL to Cut 1,300 Jobs.

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