Global media platform Teads announced Thursday that it is being acquired by web recommendation platform Outbrain.

Outbrain will pay approximately $1 billion for the company, consisting of $725 million upfront, and $25 million deferred cash, 35 million shares of common stock of Outbrain, and $105 million of convertible preferred equity.

“Teads has excelled in building best-in-class omnichannel video, branding and mid-funnel capabilities, while Outbrain has built one of the most successful performance and outcomes platforms,” said Teads co-CEOs Jeremy Additi and Bertrand Quesada in a blog post.

“Both companies also have long-standing partnerships with premium media owners and as a combined company, they will be even more equipped to support these partnerships. Together, we will leverage all of these strengths to create an unparalleled advertising platform.”

If all goes according to plan, David Kostman, CEO of Outbrain, will serve as CEO of the combined company, with Arditi and Quesada serving as co-presidents.

According to Teads’ co-CEOs, the new combined company will be bring together a total 20,000 direct advertisers across 10,000 media channels. “Our platform is expected to reach over two billion monthly consumers at a global scale across 50+ combined markets,” they predicted.