(Telecompaper) AOL is expanding its push into the mobile market with an agreed takeover of Millennial Media, a specialist in mobile advertising. AOL agreed to pay USD 1.75 per share common share for the company, a premium of about 31 percent compared to Millennial's closing price the day before the announcement. Founded in 2006, Millennial Media operates a mobile ad exchange, connecting advertisers to targeted audiences in apps and mobile publishers. The company will strengthen AOL's position on the mobile advertising market, also in several countries outside the US, and help its new parent company Verizon's push into the mobile video and content market. Millennial Media's most recent results for the second quarter showed a net loss of USD 15.5 million on revenues of USD 65.8 million, both slightly down on the year-earlier figures. The company claims to reach over 700 million monthly unique users globally, including 190 million in the US, and around 65,000 apps were registered on Millennial Media's platform as of the end of June. The acquisition by AOL is expected to close this autumn, pending regulatory approval.