'Our acquisition of 5min Media is the latest in a number of steps we have taken this year to better position AOL to capture the growing video opportunity on the Web,' said Tim Armstrong, Chairman and CEO of AOL. 'AOL is building a video ecosystem for the next decade. 5min Media is the perfect complement to our powerful video capabilities -- it provides a missing piece in the AOL value chain that completes our end-to-end video offering from content creation through syndication and distribution to the consumer experience and monetization.'
AOL has already begun to integrate 5min Media's video content on its sites through a commercial agreement executed prior to the acquisition. The acquisition of 5min Media will enable AOL to add more video inventory to sites, and to enhance the distribution and monetization of AOL-produced original video content throughout the Web.
5min Media is a video syndication network with more than 20 million unique visitors across its 800 partner sites. The company provides media companies and professional independent video producers with a comprehensive video platform that targeted viewers across 21 different verticals, including Home, Food, Beauty, Fashion, Health, Travel and Pets.
5min was founded in 2006 by Ran Harnevo, Hanan Lashover and Tal Simantov. The company in is headquartered in New York City with offices in Or Yehuda, Israel." (source)
