Twitter on Wednesday said it's selling its MoPub mobile advertising network to marketing software company AppLovin for $1.05 billion in cash. , reportedly for $350 million in stock.
The social network said in a release that the sale will allow it to "accelerate the development of owned and operated revenue products and drive growth across key areas" like performance-based advertising and commerce incentives.
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"This transaction increases our focus and demonstrates confidence in our revenue product roadmap, accelerating our ability to invest in the core products that position Twitter for long-term growth and best serve the public conversation," Twitter CEO Jack Dorsey said in a release. "We thank the incredible teams and customers who have contributed to making MoPub a success within Twitter over the years."
Last year, MoPub generated around $188 million in annual revenue, according to the release.