UNITED States advertising platform Magnite has agreed to buy video advertising group SpotX from European broadcaster RTL Group for $1.17 billion, it said on Friday, aiming to create a leading interactive advertising platform.
The purchase price comprises $560 million in cash and 14 million shares of Magnite stock, RTL said.
The combination of Magnite and SpotX will bring together the best CTV technologies and teams at a critical time, Magnite Chief Executive Michael Barrett in a statement.
CTV technologies integrate internet and interactive digital advertising services into smart TVs and receivers.
“Ad-supported CTV is just beginning to draw budgets from linear TV and we will be well-positioned to participate in the strongest segment of industry growth for the foreseeable future,” Barrett said.
RTL Group acquired a 65% majority shareholding in SpotX for 107 million euros ($127.97 million) in 2014, and took full ownership of SpotX in 2017, acquiring the remaining shareholding for 123 million euros.