It's officially announced over YPN blog, that Yahoo! has acquired Right Media, an advertising solution company, which is founded in 2003.
Right Media's open exchange is most probably one of the selling points that prompted Yahoo! to push through with its acquisition.
Here are the functions of Right Media's Direct Media Exchange:
1. Increase your ad revenue
2. Simplify your ad network management
3. Protect your site from misclassified creatives or ads with Spyware, ActiveX, etc.
4. Encourages you to work with your existing relationships (competition is key!)
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