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Yahoo! Buys Mobile Video Application Ptch

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Hardly a day goes by without news of another acquisition by Yahoo! (NASDAQ: YHOO  ) . Today, it was revealed that the hungry Internet giant has swallowed video app maker Ptch, the latter wrote in an entry on its official company blog. Its team and assets will become part of Yahoo! The terms of the deal were not disclosed. 

Ptch is an early-stage company that produces a namesake mobile app. The program allows users to create short films -- called "ptches" -- from the video and photos stored on their device and share them with fellow ptch users and via social media sites.

Owning Ptch should allow the Internet titan to ramp up its mobile image offerings. In the blog entry, Ptch said that "as part of the Yahoo team, we'll be able to focus our efforts and leverage our technology to make Yahoo's photo and video platforms the best in the world." 

As part of the transition to new ownership, Ptch will shut down on January 2. The company did not provide a time frame for a relaunch.

Ptch launched last year after being incubated at film studio DreamWorks Animation. That company's then-chief technology officer, Ed Leonard, is now Ptch's CEO.

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