Joost platform finds a buyer

Online advertising network Adconion Media Group has acquired the technology assets of failed online web video service Joost.

The company plans to use the Joost technology to offer a video platform for its network of advertisers and website publishers. It also plans to use Joost, which was set up by Skype and Kazaa founders Niklas Zennstrom and Janus Friis, imploded earlier this year with the departure of Mike Volpi. Although, it was launched with much fanfare in 2007, the service never attracted decent subscriber numbers and ran out of money.