Nokia Sells Media Advertising Business

Finnish group Nokia has sold its media advertising business to a US startup Matchbin as it focuses on core businesses, a company spokesman said on Friday without disclosing detail of the deal.

Matchbin renamed itself as Radiate Media after acquiring the Nokia business, which employed 180 staff at a time of the deal.

Nokia, the world's largest cellphone maker by volume, entered the mobile advertising business through its 2007 acquisition of US company Enpocket.

It has focused on phone business and location based services under new chief executive Stephen Elop, and has been cutting back on its extensive foray into services like games and music.