15:56 ET<\/span><\/span><\/p>\nYahoo has announced a deal to buy TV-sharing start-up company IntoNow as part of its plans to increase its social media presence.<\/p>\n
The financial terms of the deal, including price, were not disclosed.<\/p>\n
IntoNow’s software allows users to identify TV shows and share them with friends using mobile internet.<\/p>\n
Amid falling revenue and profits, Yahoo is looking to expand into the mobile internet market, and to increase video advertising on the site.<\/p>\n
“Relying on social channels as a means for discovering content – whether it’s on a PC, mobile device, or TV – is rapidly on the rise,” said Bill Shaughnessy at Yahoo.<\/p>\n
“IntoNow’s technology combines the ability to check-in to what a consumer is watching, engage in conversations, and find related content.”<\/p>\n
The application is integrated with Facebook, Twitter, iTunes and Netflix.<\/p>\n
Launched in January this year, California-based IntoNow is led by Adam Cahan, a former executive at Google and Viacom’s MTV.<\/p>\n
Last week, Yahoo reported profits of $223m (\u00a3137m) for the first three months of 2011, down from $310m last year.<\/p>\n
However, the figure was better than analysts had expected.<\/p>\n<\/div>\n<\/p>\n
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