JERUSALEM (JTA) – AOL has purchased an Israeli web video start-up firm.
The deal to acquire 5min Media is reported to be at about $65 million, according to the Israeli business daily Globes. It is AOL’s fifth acquisition in Israel.
The firm, which was founded about three years ago, produces short how-to videos. It also allows the uploading of instructional videos shorter than five minutes, which are popular on search engines.
"AOL is building a video ecosystem for the next decade," AOL’s chairman and chief executive, Tim Armstrong, said in a statement. "With 5min Media we’ll be able to add more video inventory to our pages."
5min Media is headquartered in New York and has offices in Tel Aviv. The company has a library of more than 200,000 videos.