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: AT&T agrees to sell Xandr ad business to Microsoft

AT&T Inc. T, +2.25% said Tuesday it had agreed to sell its Xandr ad business to Microsoft Corp. MSFT, +1.76% for an undisclosed amount.

Microsoft confirmed the deal separately in a blog post.

“With Xandr’s talent and technology, Microsoft can accelerate the delivery of its digital advertising and retail media solutions, shaping tomorrow’s digital ad marketplace into one that respects consumer privacy preferences, understands publishers’ relationships with consumers and helps advertisers meet their goals,“ said Mikhail Parakhin, Microsoft’s president of web experiences, said in a statement.

AT&T said the sale does not include the ad sales business that supports its DirecTV unit.

Shares of Microsoft rose 1.4% to $324.32 at last check, while AT&T shares gained 2.5% for a price of $24.79. In comparison, the Dow Jones Industrial Average DJIA, +1.54% was up 1.4%, the S&P 500 index SPX, +1.44% was up 1.3%, and the tech-heavy Nasdaq Composite Index COMP, +1.65% was up 1.5%.

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