Taboola Ltd.’s deal to acquire Outbrain Inc. has been called off, people familiar with the matter said, putting an end to an attempt to combine the internet’s two largest content-recommendation companies. Under the deal agreement, which was struck last October, Outbrain shareholders were to receive $250 million in cash and 30% of the combined company. Taboola and Outbrain are known for generating the “promoted stories” or “around the web” sections that appear at the bottom of news stories on various websites. The financing agreement expired in late August and wasn’t extended, they said. The deal agreement didn’t include a breakup fee, the people said.

Source: Wall Street Journal September 08, 2020 21:47 UTC