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IntoNow has built a technology platform that can automatically identify live television content and any previously aired U.S.- based television programming in the past five years.
It also offers an application for iPhone and other devices running Apple's iOS operating system, which can help users connect and engage with their friends around the shows they love.
With the application, users can find out what their friends are watching and engage in discussion through their favorite social networks, or discover what shows they have in common with others and which of them are on air right now.
"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," Bill Shaughnessy, Yahoo's senior vice president of product management and product marketing, said in a statement.
"IntoNow's technology combines the ability to check-in to what a consumer is watching, engage in conversations, and find related content," he added.
In a post on its company blog, Yahoo noted that the addition of IntoNow will enhance its video programming, and bolster its social engagement across the Yahoo network and on all screens.
IntoNow, headquartered in Palo Alto in the U.S. state of California, was only launched in January 2011 and now has seven employees.
Yahoo didn't disclose terms of the purchase. Technology blog TechCrunch reported that Yahoo paid between 20 million to 30 million U.S. dollars, citing sources with knowledge of the deal.