Yahoo announced today it had closed the acquisition of Right Media, an interactive advertising company which had developed an open exchange system for letting buyers and sellers trade digital media more efficiently. This acquisition was first announced at the end of April.

Yahoo’s move to acquire Right Media stems from its desire to grow its online advertising strategy. The acquisition follows Yahoo’s 20 percent strategic investment in Right Media in October 2006. Under the terms of the agreement, Yahoo has acquired the remaining equity interest in Right Media for approximately $650 million.

“We are pleased to have closed our Right Media acquisition so quickly and are excited to welcome Right Media’s talented employees to the Yahoo family,” said Jerry Yang, CEO and co-founder, Yahoo Inc. “We believe Right Media will be a perfect complement to our industry leading advertising tools and capabilities and help Yahoo continue to transform how advertisers and publishers connect to their target audiences.”

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