Comcast acquires online ad technology firm FreeWheel for $360 mn

Comcast acquires online ad technology firm FreeWheel for $360 mnComcast Corp, the largest cable operator in the US, yesterday announced the acquisition of online ad technology firm FreeWheel Media, for $360 million.

The deal comes just three weeks after Comcast proposed to acquire Time Warner Cable for $45 billion. (See: Time Warner Cable to merge with Comcast in $45-bn deal)

Silicon Valley-based FreeWheel inserts and tracks advertisement on the web and mobile video based on user location and recent viewing history.

The privately-held company's clients include Fox, NBCUniversal, AOL, AT&T, ESPN, VEVO, and many others.

FreeWheel was founded in 2007 and is backed by Steamboat Ventures, Turner Broadcasting, DIRECTV, Battery Ventures, and Foundation Capital.

Post acquisition, FreeWheel will run as a stand-alone unit within Comcast, and its entire team is expected to stay on.

FreeWheel said that its mission has always been to unify television advertising wherever content is viewed by creating an enterprise advertising platform that works on all screens, across the entire ecosystem, at scale.

''Comcast's investment in our business and our future innovations will accelerate our ability to deliver on our vision, providing us with the strength and staying power that our clients demand, while maintaining our commitment to the success of our extensive and diverse customer base,'' said Doug Knopper, Jon Heller, Diane Yu, co-founders of FreeWheel in a blogpost.