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Yahoo Buys IntoNow In Bid To Increase Social Media Presence

In an attempt to increase its social media presence, Yahoo has announced that it will acquire the TV-sharing company IntoNow.

IntoNow is a California based company launched in January this year. The company specialises in developing software that allows users to identify and share TV shows with their buddies over the internet.

However, the exact details of the deal have yet be disclosed by either of the companies.

Bill Shaughnessy of Yahoo said in a statement reported by BBC (opens in new tab), "Relying on social channels as a means for discovering content - whether it's on a PC, mobile device, or TV - is rapidly on the rise." He added, "IntoNow's technology combines the ability to check-in to what a consumer is watching, engage in conversations, and find related content."

Yahoo, who has seen steadily falling revenue and profit, seems to hope that gaining greater share in the mobile computing market will eventually result in a rise in the video ads on the site.

IntoNow's app comes integrated with all the leading social networking sites including Facebook and Twitter.

Although Yahoo reported year-on-year losses of nearly $100 million last week, this was still better than most analysts expected from the struggling tech giant.