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AOL closes deal to absorb Millennial Media

Millennial Media disappeared from the New York Stock Exchange on Friday after a majority of its stockholders tendered their shares to AOL, closing its $248 million acquisition of the Baltimore mobile advertising technology company.

About 80 percent of Millennial shares were tendered by a deadline of 11:59 p.m. Thursday, in exchange for AOL's offer of $1.75 per share.

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Millennial is now a wholly owned subsidiary of New York-based AOL (which itself became a subsidiary of Verizon in June). The companies announced the deal last month.

AOL executives said the addition of Millennial Media will boost their ad network, known as ONE, through which advertisers can reach narrow audiences and app developers and website publishers can make money off of their properties.

"The acquisition of Millennial Media boosts our global, mobile capabilities and scale across ONE by AOL for advertisers and agencies, and offers the most attractive monetization platform for app developers," said Bob Lord, president of AOL Platforms, in a statement. "It also adds an incredibly talented team of mobile-first experts, many of whom will take on leadership and integral roles at AOL Platforms."

Nine Millennial Media executives are taking on leadership roles in AOL's advertising platforms business. Others, including former Millennial CEO Michael Barrett, received "golden parachutes" and departed the company.

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