AI-based news: Yahoo buys website – 04/02/2024 – Tec
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Yahoo announced this Tuesday (2) that it purchased the artificial intelligence-driven news platform Artifact, created by the co-founders of Instagram.
In January, Artifact announced a gradual closure of its operations because “the market opportunity is not large enough to justify continued investment in this way.”
Yahoo, which also owns news brands TechCrunch, Engadget and Yahoo Finance, said Artifact’s AI-powered recommendation engine and other features will help scale its news operations and deliver personalized content to audiences.
Yahoo, which did not disclose the value of the deal, was purchased by private equity firm Apollo Global Management for US$5 billion in 2021.
Artifact was launched in early 2023 by Systrom and Brazilian Mike Krieger. Both worked at Meta until 2018.
Their departure from the company formerly known as Facebook, which acquired Instagram in 2012, was due to a tense relationship with Meta’s president, Mark Zuckerberg, and differences in their visions for the photo and video platform, according to reports published in the press at the time.
Systrom and Krieger will work with Yahoo during a transition phase following the deal, Yahoo said.
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