Sonos Era 100 Review How to Download iOS 16.4 Save 55% on iPhone Cases How to Sign Up for Google's Bard Apple's AR/VR Headset VR for Therapy Clean These 9 Household Items Now Cultivate Your Happiness
Want CNET to notify you of price drops and the latest stories?
No, thank you

Blinkx makes offer to bail out ad company Miva

The offer for Miva, a struggling ad firm from the Web 1.0 days, is $1.20 per share--a 54% premium over its recent closing price.

The British video search site Blinkx has offered to acquire Miva, a digital-ad company that sprang out of Web 1.0 search ad firm FindWhat, for a price of $1.20 per share in cash. That's a 54 percent premium over Miva's August 7 closing price of 78 cents.

"A combination of the two companies--fusing Miva's advertising network with Blinkx's ability to leverage its technology portfolio into the online market--presents an exciting and compelling opportunity," a release from Blinkx read. Miva has not yet responded to the offer.

Several months ago, reports surfaced that both Google and News Corp. were interested in acquiring Blinkx, making the publicly traded dot-com's stock spike.

Miva, meanwhile, has been going through some very rough waters. Longtime president and chief marketing officer Seb Bishop resigned on Tuesday. In its offer letter to Miva, Blinkx named "several challenges" that could make the ad firm agree to such a sale: "risk and cost associated with (its) new technology platform, a deteriorating cash position, continued deterioration of (its) Media EU business and continued decline in revenue and profitability."