Yahoo Acquires Artifact to Boost News Operations

Yahoo has acquired Artifact, an AI-driven news platform founded by the co-founders of Instagram. The acquisition aims to enhance Yahoo's news operations and deliver personalized content to its audience. Financial details of the deal were not disclosed.

Credit: REUTERS

In a strategic move to enhance its news operations, Yahoo announced on Tuesday that it has acquired Artifact, an AI-driven news platform founded by the co-founders of Instagram. The deal will see Yahoo incorporating Artifact's cutting-edge technology across its various web services and news sites.

This acquisition comes at a time when media start-ups are facing significant challenges in generating revenue, with tech giants like Alphabet and Meta Platforms dominating the advertising sales market. Artifact had previously announced its decision to wind down operations, citing a lack of substantial market opportunity to justify further investment.

With the integration of Artifact's AI-powered recommendation engine and other features, Yahoo aims to scale its news operations and deliver personalized content to its audience. The online publisher already owns news brands such as TechCrunch, Engadget, and Yahoo Finance, and also holds a minority stake in the content recommendation platform Taboola.

Financial details of the acquisition were not disclosed by Yahoo. The company was acquired by private equity firm Apollo Global Management for $5 billion in 2021.

Artifact was launched in early 2023 by Kevin Systrom and Mike Krieger, who were previously associated with Meta (formerly known as Facebook) following the acquisition of Instagram in 2012. However, the duo left Meta in late 2018, reportedly due to strained relations with Meta CEO Mark Zuckerberg and differences in their visions for Instagram.

As part of the transition, Systrom and Krieger will be working with Yahoo in an advisory capacity. Yahoo expressed its excitement about collaborating with the talented co-founders and leveraging their expertise to drive the future growth of its news platform.

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• Yahoo has acquired Artifact, an AI-driven news platform founded by the co-founders of Instagram.

• The acquisition aims to enhance Yahoo's news operations and deliver personalized content to its audience.

• Financial details of the deal were not disclosed.

Source: REUTERS