(Yicai Global) Aug. 6 -- An overseas unit of Beijing Miteno Communication Technology has signed a long-term targeted advertising service agreement with the owner of restructured US internet media mammoth Yahoo, continuing a partnership in existence for six years.
Blackbird Hypersonic Investments, the subsidiary, signed a new five-year network publishing agreement with Sunnyvale, California-based Yahoo, its biggest client, on Aug. 2, the Chinese network technology service provider said today. Its stock closed up 1.73 percent today on the news.
New York-headquartered Media.Net under BHI will post advertisements on the internet Yahoo provides and at its direction under the agreement, per the announcement. Miteno acquired Media.net for USD 900 million last August in the third-largest ad tech acquisition ever, public information shows.
Revenue from the US tech mammoth was CNY550 million (USD80 million) in 2014, CNY1 billion (USD146 million) in 2015, CNY1.5 billion in 2016 and CNY1. 7 billion last year, making up 74 percent to 82 percent of BHI's total revenue. The company's take from Yahoo reached CNY445 million in the first three months of this year, or 72 percent of its total revenue, per the announcement.
Yahoo provides diversified network services for over 500 million independent users around the globe. Leading US telecom operator Verizon Communications acquired Yahoo in June last year and combined the latter's business with its own media operations under a new unit named Oath, while retaining Yahoo as an independent brand, the announcement stated. Other Yahoo divisions were consolidated under the name Altbaba.
Miteno is a digital marketing service provider that engages in data monetization and relevant product development by analyzing big data, managing user profiles and leveraging cloud computing and artificial intelligence technologies, per its official website.
The more things change, the more they stay the same.
Editor: Ben Armour