Microsoft Corp (MSFT.O) will close its web display advertising business, handing operations over to AOL Inc and AppNexus Inc and cutting about 1,200 jobs, Bloomberg reported.

Some of the affected employees will be moved to AOL and AppNexus, while some more will be offered positions at Microsoft, Bloomberg said, citing a person with knowledge of the matter. (bloom.bg/1JkPHg3)

The remaining employees will be laid off. The financial terms of the deal weren’t immediately known, Bloomberg reported.

(Reporting By Lehar Maan in Bengaluru; Editing by Joyjeet Das)

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