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Twitter Inc. said Wednesday it is selling MoPub, a mobile-ad network, for $1.05 billion in cash.
Marketing-software company AppLovin Corp.
APP,
will buy MoPub, which Twitter
TWTR,
acquired in 2013 for $350 million in stock. Twitter said in a news release that it is offloading MoPub, which brought in $188 million in revenue in 2020, to focus more on its core products.
The sale “is all about increased focus, redirecting our resources and delivering faster growth in a number of key areas including performance-based ads, [small and medium-size businesses] and commerce,” said Bruce Falck, Twitter revenue product lead, in the company’s news release.
AppLovin’s announcement says MoPub’s ad network is used by 45,000 apps and connects to 1.5 billion devices.
The deal, which has been approved by Twitter’s board, is expected to close in the coming months pending regulatory approval. Twitter said it will disclose more about the financial impact on the sale when it reports third-quarter earnings on Oct. 26.
