Online advertising company Adconion Media Group has acquired some of the remaining assets of the online video service Joost. Adconion will continue to operate the Joost.com service, while expanding its existing video and advertising platform. Terms of the deal were not disclosed.

Joost was first announced in January of 2007 by Janus Friis and Niklas Zennström, the founders of Kazaa and Skype, who promised to revolutionize online video distribution but failed to attract premium programming or a significant audience. The company announced in June 2009 that it was concentrating on providing white-label video platforms. In October the business in the U.K. was declared insolvent. Prior to the acquisition, Adconion offered targeted online distribution of content, including video and television commercials. Through the acquisition, it will add to its library of professionally-produced video content available for targeted pre-roll advertisements across 2,000 premium publishers. Adconion reaches nearly 300 million unique users a month, serving more than 80 million video streams a day across 2,000 web sites.