Internet search company Yahoo has purchased news aggregation site BuzzTracker in a sale that closed earlier in the week, BuzzTracker Chief Executive Alan Warms said Friday.
The purchase price is not being disclosed, Warms said in a telephone interview. The sale closed on Tuesday, he said, and under the deal Yahoo acquired substantially all the assets of Chicago-based Participate Media, of which BuzzTracker is the sole product. Warms is the founder and CEO of Participate.
BuzzTracker tracks 110,000 content sources online -- which include blogs and mainstream media -- and uses an algorithm to sort them by importance, which the site then presents in various topical feeds.
Warms said he will become the vice president and general manager of Yahoo News and his team will now work for Yahoo.
Details of how BuzzTracker will be integrated with Yahoo are still being hammered out, Warms said, but he's not expecting any "drastic changes" to Yahoo News.
A Yahoo spokeswoman confirmed the purchase.
Yahoo shares added 86 cents, or 3.6%, to $24.58 in afternoon trading.