Irvine-based online media company Local Corp. announced the sale of its Rovion subsidiary to McLean, Va.-based media company Gannett Co. for an undisclosed amount.
Gannett will acquire Rovion, which is based in Boston, and all related assets under terms of the agreement.
Rovion's primary product is called Ad Composer, which includes a self-service technology platform that creates mobile HTML 5 ads without the use of coding.
Gannett said the acquisition will enable it to expand its mobile and self-service digital platforms.
Rovion will be part of Gannett’s digital marketing and technology provider PointRoll.
Local Corp.’s shares were down slightly to $2.70 per share during midday trading, with a market value of about $60 million. Shares had risen about 75% over the course of the week. Local Corp. has 135 employees in Orange County.