Fresh after rebuffing Microsoft’s $44 billion purchase bid, Yahoo Inc. bought online-video technology provider Maven Networks for $160 million. Maven and Yahoo announced the deal today.

Yahoo will use Maven to expand both its video and video advertising offerings, the companies said. Maven competes in a crowded field against other Internet TV firms such as Brightcove, Extend Media, the Platform and others. Online video experts have been predicting some consolidation among platform providers.

Yahoo said it has the largest library of professionally produced and legally licensed video content. The company also boasts video-ad relationships with more than 75% of the top TV advertisers. With the acquisition, Yahoo gains access to Maven’s customer base of more than 30 major media companies, including Fox News, CBS Sports and Scripps Networks.

Yahoo said it will work with Maven to offer more inventory and ad formats.

“By combining our capabilities with Yahoo!’s own technology resources, publisher and advertiser relationships, and vast audience reach, we will deliver an unmatched video content syndication and advertising solution to the market,” said Hilmi Ozguc, CEO of Maven Networks in a statement.

The acquisition had been rumored for a few weeks, but was overshadowed by Microsoft’s offer to buy Yahoo early this month. That deal could still go through.

Editor: Baumann