Yahoo! has bought Right Media for a sum of around $680 million (£341 million), it has emerged.

The search engine had bought a 20 per cent stake in the company in October last year. It hopes that the purchase of Right Media will be a "key step" in its long-term strategy of transforming how the online marketing sector connects with its customers.

Through this deal, Yahoo! claims to have bought into the industry’s largest emerging online advertising exchange and expects to establish a leading position in this area of internet marketing.

Terry Semel, chairman and chief executive of Yahoo!, said: "The acquisition of Right Media will further Yahoo!’s goal to create the industry’s most open, accessible and vibrant advertising marketplace, which will help democratise the buying and selling of digitally-enabled advertising."

Earlier this month, Yahoo! was defeated by Google in the bidding war for online marketing firm DoubleClick.

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