Verizon’s AOL unit has finished its purchase of Millennial Media, a mobile ad network that has struggled to make it in an industry dominated by Facebook.
AOL says it is paying $1.75 per share for Millennial, which traded as high as $27.90 when it went public in 2012 and closed at $1.34 last night. After accounting for Millennial’s cash and debt, AOL says it will end up spending $238 million on the company; investors once thought Millennial was worth $1.87 billion.
Prior to its acquisition by Verizon earlier this year, AOL had spent a lot of time and energy building up its video products and ad sales and focusing on a push toward automated ad sales. It says Millennial, which delivers ads to 65,000 apps, will shore up its mobile offering.
Verizon and AOL are set to roll out “Go90,” a mobile-focused video service, in the next few days.
This article originally appeared on Recode.net.