Search engine and media giant Yahoo has led a $45 million investment in Right Media, a start-up that is offering a marketplace for buyers and sellers of advertising. The deal gives Yahoo a minority stake in the company.

As part of the agreement, Yahoo said it will join Right Media’s exchange and offer content publishers there the ability to bid on Yahoo’s “non-premium inventory” of ads.

New York’s Right Media says its open marketplace has more 11,000 buyers and sellers, where publishers auction off their advertising space (ad impressions) real-time to the highest bidder.

More than two billion impressions are traded daily at the marketplace, which is called the Right Media Exchange.

Right Media said Redpoint Ventures and other existing investors joined Yahoo in the investment.

Right Media raised $7.25 million in its first round last year from Redpoint Ventures.

Yahoo will designate a board member to Right Media.

Update: The company earlier told us that Yahoo’s portion of the investment was $40 million, which we reported. The company has since said that was a miscommunication, and that the breakdown is not being disclosed. We have corrected accordingly.

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