New york: Internet giant Yahoo!, currently on the takeover radar of Microsoft Corp, on Tuesday announced acquisition of online video platform provider Maven Networks for about $160 million.

The acquisition comes a day after Yahoo!'s board rejected Microsoft's $44.6 billion unsolicited takeover bid saying the offer did not reflect the true valuation of the company.

However, Microsoft has reiterated that its offer reflects a superior valuation for the shareholders of Yahoo! and it would move ahead with the bid.

Announcing the acquisition of US-based Maven, Yahoo! said in a statement that the deal would expand its online video capabilities and would enhance its solutions for publishers and advertisers.

"Yahoo! and Maven will be able to offer publishers a full portfolio of technology and media solutions. Yahoo! already has the largest library of professionally produced legally licensed video content and has video advertising relationships with over 75 per cent of the top TV advertisers," it said.

Yahoo! also has advertising relationships with a growing number of premium publishers, including eBay, Comcast, Newspaper Consortium, Forbes.Com and others.

Source : PTI