Taboola Ltd.’s deal to acquire Outbrain Inc. has been called off, people familiar with the matter said, putting an end to an attempt to combine the internet’s two largest content-recommendation companies., Outbrain shareholders were to receive $250 million in cash and 30% of the combined company. A person familiar with the matter said Taboola sought to renegotiate the deal as the coronavirus pandemic affected the business of each company, but the two sides couldn’t come to a new agreement.
Taboola and Outbrain are known for generating the “promoted stories” or “around the web” sections that appear at the bottom of news stories on various websites. The links are often advertisements crafted to resemble news stories. Taboola intended to fund the purchase with financing from banks including JPMorgan Chase & Co., Citigroup Inc. and Israel-based Bank Leumi, the people said. The financing agreement expired in late August and wasn’t extended, they said.
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