Verizon’s AOL to Buy Millennial Media for About $250 Million

Verizon Communications Inc.’s AOL Inc. agreed to buy ad technology company Millennial Media Inc. for about $250 million, giving it another tool as it mounts a challenge to Google Inc. in mobile advertising.

The $1.75-a-share offer is a 31 percent premium to Millennial’s price at the Sept. 2 close. The transaction will be in the form of a tender offer followed by a merger, New York-based AOL said Sept. 3 in a statement.

Verizon will make its mobile video-streaming service, called Go90, widely available in coming days, according to a person familiar with the situation. With Baltimore-based Millennial, it ...