25 April 2011 Last updated at 15:56 ET

Yahoo buys TV sharing app IntoNow

Yahoo is looking to expand into the mobile internet market

Yahoo has announced a deal to buy TV-sharing start-up company IntoNow as part of its plans to increase its social media presence.

The financial terms of the deal, including price, were not disclosed.

IntoNow's software allows users to identify TV shows and share them with friends using mobile internet.

Amid falling revenue and profits, Yahoo is looking to expand into the mobile internet market, and to increase video advertising on the site.

"Relying on social channels as a means for discovering content - whether it's on a PC, mobile device, or TV - is rapidly on the rise," said Bill Shaughnessy at Yahoo.

"IntoNow's technology combines the ability to check-in to what a consumer is watching, engage in conversations, and find related content."

The application is integrated with Facebook, Twitter, iTunes and Netflix.

Launched in January this year, California-based IntoNow is led by Adam Cahan, a former executive at Google and Viacom's MTV.

Last week, Yahoo reported profits of $223m (£137m) for the first three months of 2011, down from $310m last year.

However, the figure was better than analysts had expected.