Comcast agreed to purchase Plaxo the first innovative system that developed social networks from address books. With the acquisition of Plaxo, Comcast plans to provide its consumers social network links across all its devices including wireless, TVs and digital video recorders.
Although the terms of the agreement were not disclosed, a source familiar with the matter said the deal could be of around $175 million plus or minus 5 percent, according to Reuters.
Plaxo will join Comcast.net, Fancast, Fandango and theplatform, Comcast's interactive media unit.
Shares of Comcast rose 1.27 percent to $22.37 at the closing trading in Nasdaq on Wednesday. In after hours electronic trading shares rose to $22.48.