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Thursday, June 26, 2014

Yahoo looking to purchase YouTube content provider for $250 mln- Sky News, (NASDAQ: NWSA)

Internet giant Yahoo has put in a bid of around $250 million to purchase Fullscreen, a company which creates content for YouTube channels, Britain's Sky News reported on Thursday. Yahoo is looking to expand its reach to young consumers through the acquisition of the company, which generates more than 3 billion monthly views on Google Inc's YouTube.Yahoo faces competition from private investment firm Chernin for control of the California-based company, Sky quoted insiders as saying.Chernin is already a shareholder in Fullscreen, having bought a stake in June last year along with the world's largest advertising group, WPP and Comcast Ventures.Chernin, owned by former News Corp executive Peter Chernin, is understood to have the right to buy Fullscreen at a previously-agreed price if other bidders do not offer at least $300 million, Sky reported.

News Corporation is a diversified media and information services company. Shares of NWSA traded higher by 1.36% or $0.24/share to $17.95. In the past year, the shares have traded as low as $14.39 and as high as $18.53. On average, 2620550 shares of NWSA exchange hands on a given day and today's volume is recorded at 4656051.