Friday, February 1, 2008

Source: Yahoo nears $150M deal for Maven

Yahoo Inc. is in the final stages of a deal to acquire Cambridge-based video hosting and distribution company Maven Networks Inc., a source close to the deal has confirmed.

Published reports place the value of the deal between $150 million and $160 million.

Maven was founded in 2002 by former Narrative Communications CEO and Lotus executive Hilmi Ozguc. The company has raised more than $30 million in private funding since its inception. Investors and board members include Woody Benson of Prism VentureWorks in Needham, Jim Breyer of Accel Partners in California, and John Simon of General Catalyst Partners in Cambridge.

Maven provides IP video hosting and distribution services for media outlets and private enterprises. The company counts CBC, CBS, CNET, Financial Times, Fox News, USA Today, Sony BMG and TV Guide among its customers.

The deal also come among reports that Microsoft is considering an acquisition of California-based Yahoo that would cost the software giant around $44 billion.