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All the Right Moves

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The strict constructionists at Yahoo wanted to make the right acquisition for once, so they went and bought Right Media for $700 million. Right Media is an online advertising exchange that allows web publishers to auction ad space to the highest bidder, collecting a 7% commission in the process. Yahoo feels this will give it a leg up on Google and Microsoft, who have not yet taken full advantage of the internets in this way, in the form of more dynamic, fancier graphical popup ads.
Yahoo bought just the tip of Right Media last October (20% of the company for $40 million), just for a minute, just to see how it feels, and finally went full throttle with this move. Yahoo figured it could get the company on the cheap if it just destroyed some of its own value, from the San Jose Mercury News:

Two weeks after Google agreed to buy DoubleClick in April, Yahoo announced it was buying the rest of Right Media for $680 million. By the time the cash-and-stock deal closed, the final price for the remaining 80 percent stake in Right Media had fallen to $650 million because of Yahoo's skidding stock.

Well played Yahoo, well played.
Yahoo Completes Right Media Buy [DealBook]
Yahoo takes control of Right Media to get jump in race to expand online ads [San Jose Mercury News]