Microsoft snaps up TV ad service

Microsoft said on Tuesday that it has bought Navic Networks, a company that helps television advertisers manage their ad campaigns.

The move will give Microsoft a broader reach into the spot where advertisers spend the most.

"Television media represents the largest percentage of advertisers and agencies' media budget today," Microsoft senior vice president Brian McAndrews said in a statement. "Together, Navic and Microsoft will deliver addressable television advertising solutions to help our partners better manage media spend by increasing advertiser reach and ROI, and maximising publisher yield on television advertising."

The move comes just six days after the company failed to reach an accord with Yahoo, leading the internet giant to strike an ad deal with Google instead.

Navic has raised $43m (£22m) in three rounds of funding, according to its website. Investors include: Pilot House Associates, Highland Capital Partners, Himalaya Capital Ventures, and Pequot Ventures.

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