AOL acquires 5min Media

CEO Tim Armstrong pushes further into content

NEW YORK - AOL Inc. has acquired video syndication network 5min Media as it continues to build out its content and online video capabilities.

Financial details weren't disclosed, but the price tag is believed to have been $50 million-plus.

"The acquisition allows AOL to significantly expand its consumer offering of contextually relevant, high-quality video across its sites," boosting its appeal to advertisers, AOL said Tuesday about the 5Min deal.

“Our acquisition of 5min Media is the latest in a number of steps we have taken this year to  better position AOL to capture the growing video opportunity on the Web,” said Armstrong. “AOL is building a video ecosystem for the next decade."

5min has more than 200,000 categorized, tagged and rated videos from media companies and independent video producers. Founded in 2006, 5min had more than 20 million unique viewers and more than 130 million video streams in the U.S. in August.