"AP - Yahoo! (Nasdaq: YHOO) continued its ongoing transformation into a full-fledged media company with the announcement Thursday that it is acquiring online punk and indie music provider BlankTV.com for approximately US$12 million."
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UPDATE: Apparently, people think this story is fake. Frankly, I can't tell one way or the other. It was dated March 31st on Blank TV's site, but there's no mention of it on Yahoo's webpage [although Yahoo has no corporate/business page that I know of anyway]. Take this with a grain of salt until we get real confirmation/denial.
Webnoize director of research Loren Stone told the Associated Press that the deal will likely benefit both companies.
"BlankTV.com has a good brand name and some relatively good content for the music space," Stone said. "I was surprised at the price that was paid for a company that had established a strong brand, but it was becoming clear that small players in music space were going to have a tough time against the major players."
Yahoo! said it would pay 92 cents for each share of BlankTV stock, which rose 53.5 percent Monday to close at 89 cents. The acquisition is expected to be completed in the second quarter of this year.
As part of the deal, Yahoo! extended a $3 million loan to the financially strapped BlankTV, in addition to a $2 million loan it provided BlankTV in February.
BlankTV.com provides consumers with uncensored streaming punk rock and independent music videos and music news, as well as an offbeat cartoon series called "Mooville," that offers a look into a small town populated by talking animals that are obsessed with feces and sodomy.