Nokia has sold its media advertising business Nokia Media Network to a US digital publishing startup Matchbin, in order to focus on its core mobile handset business, for an unbdisclosed sum, Reuters today reported citing a company spokesman.
Espoo, Finland-based Nokia had entered the mobile advertising business after its 2007 acquisition of privately-owned US firm Enpocket in a bid to emerge a leader in consumer internet services (See: Nokia to acquire global mobile advertising leader Enpocket).
Post-acquisition of Nokia Media Network, Matchbin has renamed itself as Radiate Media.
Nokia had also acquired Navteq, Twango,Plazes, and OZ Communications last year in order to expand in the entertainment, automotive, and mobile content sectors.
Since its launch in January 2008, Salt Lake City, Utah-based Matchbin has built a stable of over 700 local media partners, with aggregated website traffic seeing over 6 million unique visitors. In November last year, it acquired Navteq Media Solutions' Radio and TV Advertising Group.
Radiate serves more than 6,000 local merchant and national advertisers through its growing network of 2,000 TV, radio and print media partners.