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.
"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.