Google to buy mobile ad network for $750 mn

Google already has a mobile ad delivery system, DoubleClick Mobile, which it got with its $3.2 billion acquisition of DoubleClick Inc. in 2008. Google said buying AdMob will give it more expertise in a market that is expected to grow rapidly over the next several years.

In a statement, Google's vice president for product management, Susan Wojcicki, said that while mobile advertising ``is still in the early stages of development, AdMob has already made exceptional progress in a very short time.''

Google shares rose $9.81, 1.8 percent, to $560.91 in afternoon trading.