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AOL acquires Israeli company

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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.

 

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