Yahoo ventures further into online video with startup RayV purchase

Yahoo ventured a step further in online video on Friday as the company announced that it has acquired Israeli startup RayV, whose technology would help them stream its new entertainment efforts to viewers.

RayV specializes in streaming high-quality video to online and mobile audiences on a large scale and Yahoo research and development center in Tel Aviv would be joined by the eight-year-old company's team. Terms of the deal remained undisclosed.

The purchase comes as Yahoo has aggressively moved into the online media scrum, with glitzy talent and content announcements, CNet reported.

The company had most recently said that it would revive Community, a popular ex-NBC sitcom with a cult-like following, and had announced in April that two 30-minute original series, including one helmed by Paul Feig, director of the film 'Bridesmaids' and creator of the TV show 'Freaks and Geeks.'

Yahoo had also announced in April a partnership with live events promoter LiveNation that would allow the company to stream one concert per day for the next several years.

Yahoo said on Friday that the new music channel, which would be launched on July 15, would include performances by Dave Matthews Band and John Legend.

Yahoo's head of cloud platforms P.P.S. Narayan said that the RayV team shares their passion for innovation and commitment to build a video infrastructure to deliver the ultimate video experience to their users.