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Yahoo teams up with ad powerhouse WPP Group

Three of WPP's subsidiaries will have access to Yahoo ad inventory and will connect to its Right Media exchange platform.

Yahoo announced Friday that it has formed a partnership with three subsidiaries of advertising giant WPP: GroupM, 24/7 Real Media and WPP Digital. Through the deal, WPP agencies will have access to Yahoo-served ad space and work closely with the Right Media ad exchange, in which Yahoo was a major investor before it outright acquired the digital-ad platform in 2007.

No financial terms were disclosed.

"More and more, we see the need for agencies and media and technology companies to work together to create a new level of value," WPP Digital CEO Mark Read said in a statement Friday. "We are very pleased to have established this partnership with Yahoo which, enabled by our earlier acquisition of 24/7 Real Media, will turn this vision into a reality."

WPP acquired 24/7 Real Media a year ago for $649 million in cash. As part of the deal with Yahoo, WPP will use 24/7 to develop an ad platform that connects to Right Media so that WPP agencies can "seamlessly" connect to Yahoo's digital inventory.