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updated: 3/4/2014 7:48 AM

Comcast to buy ad tech firm FreeWheel for $320 million

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Associated Press

Comcast is buying online ad technology firm FreeWheel Media for about $320 million in a move that supports both its media content and cable businesses.

That's according to a person familiar with the matter, who spoke on condition of anonymity because the deal isn't final.

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The purchase will help Comcast Corp. make money from ads placed on its content over a variety of platforms as FreeWheel technology evolves and gets better.

FreeWheel will also continue to help other media companies profit from their own digital content, which encourages them to make more shows available on demand and on other platforms that Comcast offers to its subscribers.

The person says San Mateo, Calif.-based FreeWheel will continue to operate independently. Its current investors include Disney's Steamboat Ventures and Time Warner's TBS.

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