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Russia bars Google bid for ad unit

October 24, 2008|the associated press

NEW YORK — Russian authorities have blocked Google Inc. from buying an online ad service.

Google said in July that it would spend $140 million to buy the ad service, ZAO Begun, from Rambler Media, which runs one of the most popular Web portals in Russia. Google had expected the deal to be finalized during the third quarter.

At the time, Mountain View, Calif.-based Google said the deal was part of its moves to improve service for users, partners and advertisers in Russia, which has a fast-growing digital advertising market.

In a statement Thursday, the Internet search leader said it was "very disappointed" that Russia's Federal Anti-Monopoly Service decided to block the deal. Rambler also said that the deal was rejected.

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