Yahoo bought video app maker Ptch for $6.5 million and will shut it down January 2, according to reports.
The acquisition is also considered mainly an "acqui-hire" to garner its talented engineers and staff, according to Business Insider. Ptch, which was a startup created by two Dreamworks executives, was bought by Yahoo last week and will but shuttered next month.
One of its founders, Hans Ku, announced the acquisition on the company blog.
We launched Ptch just over a year ago. Our passion and our mission was to give you the best way to make and share beautiful movies made from the photos and videos on your phone. Well, someone noticed!Today, we’re excited to announce that Ptch will be joining Yahoo! As part of the Yahoo team, we’ll be able to focus our efforts and leverage our technology to make Yahoo’s photo and video platforms the best in the world.