October 23, 2015 Last Updated 8:22 am

AOL completes acquisition of mobile platform Millennial Media

NEW YORK, NY – October 23, 2015 — AOL today announced the successful completion of its tender offer to purchase all outstanding shares of Millennial Media, a leading end-to-end mobile platform, for $1.75 in cash per share of Millennial Media common stock. The tender offer expired at 11:59 p.m.ET on October 22, 2015.

AOL subsequently completed the acquisition of the remaining eligible Millennial Media shares not acquired in the tender offer through a merger pursuant to Section 251(h) of the General Corporate Law of the State of Delaware. As a result, Millennial Media shares will no longer be traded on the NYSE, and Millennial Media is now a wholly owned subsidiary of AOL.

As of the expiration of the tender offer, 114,871,644 Millennial Media shares were validly tendered and not withdrawn in the tender offer, representing approximately 80.3 percent of Millennial Media’s outstanding shares, according to the depositary for the tender offer. Notices of Guaranteed Delivery were delivered with respect to 1,283,015 additional shares, representing approximately 0.9 percent of Millennial Media’s outstanding shares, according to the depositary. AOL has accepted for payment and will promptly pay for all validly tendered (and not withdrawn) shares.

All eligible Millennial Media shares that were not validly tendered have been converted into the right to receive $1.75 in cash per share, without interest and less any applicable withholding taxes – the same price paid in the tender offer.

“The acquisition of Millennial Media boosts our global, mobile capabilities and scale across ONE by AOL for advertisers and agencies, and offers the most attractive monetization platform for app developers,” said Bob Lord, President, AOL Platforms. “It also adds an incredibly talented team of mobile-first experts, many of whom will take on leadership and integral roles at AOL Platforms.”

Nine executives from Millennial Media will take on leadership roles at AOL Platforms in technology, sales, product and operations.

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