Yahoo Inc. has announced that it has acquired Maven Networks, Inc., a leading online video platform provider, to expand consumer video and advertising experiences on Yahoo.com and Yahoo's network of video publishers across the web.

Under the terms of the agreement, Yahoo acquired Maven Networks for approximately $160 million.

"Video is projected to be the fastest growing segment of the online ad market, and Maven will significantly help advance Yahoo's strategy, expanding the video opportunity for publishers and increasing the efficiency and effectiveness for advertisers," said Hilary Schneider, EVP, Global Partner Solutions at Yahoo. "This is a big win for publishers, advertisers, consumers and for Yahoo."

Yahoo claims to have the largest library of professionally produced legally licensed video content and video advertising relationships with more than 75 percent of the top TV advertisers. Additionally, the company, which is fighting a takeover of its own, says it has advertising relationships with a growing number of premium publishers including eBay, Comcast, Newspaper Consortium, Forbes.com and others.

Forrester estimates that U.S. online video advertising will grow to more than $4 billion in 2011. This rapid growth in the online video market from both users and advertisers is escalating the demand for targeted premium content.

TechCrunch broke the rumor of the buy earlier this month, reporting that Yahoo would spend $150M on the deal. NewTeeVee estimated the amount would be closer to $170 million.