Yahoo! and Right Media Inc creator of the Right Media Exchange, today announced that Yahoo!'s acquisition of Right Media has been completed.

"We are pleased to have closed our Right Media acquisition so quickly and are excited to welcome Right Media's talented employees to the Yahoo! family," said Jerry Yang, CEO and co-founder, Yahoo! Inc.

"We believe Right Media will be a perfect complement to our industry leading advertising tools and capabilities and help Yahoo! continue to transform how advertisers and publishers connect to their target audiences."

The acquisition follows Yahoo!'s 20 percent strategic investment in Right Media in October 2006. Under the terms of the agreement, Yahoo! has acquired the remaining equity interest in Right Media for approximately $650 million.

"We couldn't be happier than to have found a home with Yahoo!, and look forward to working with Yahoo! as we continue to build the industry's most open, accessible and vibrant advertising ecosystem," said Michael Walrath, CEO and founder of Right Media.

Michael Walrath will assume the role of senior vice president of Right Media Exchange, reporting to Yahoo!'s President, Susan Decker.