If Yahoo is supposed to be paralyzed by Microsoft’s pursuit, someone forgot to tell Yahoo. On Tuesday, the sought-after Internet giant announced that it has acquired Maven Networks, an online video-platform provider, to expand its video and advertising offerings.

The reported price was about $160 million.

A Full Portfolio

The Cambridge, Mass.-based Maven operates a platform that manages and distributes online video and advertising for such Web sites as Fox News, Sony BMG, CBS Sports, Hearst, Gannett, Scripps Networks, Sony Pictures Television, Ogilvy, TV Guide, CBC, the Financial Times, and others. The publishing platform allows publishers to manage the delivery of video and increase video-ad inventories with what Yahoo described as a “dynamic advertising insertion engine, sophisticated inventory management, reporting tools and advanced ad formats.”

With Maven, Yahoo said, it can offer publishers “a full portfolio of technology and media solutions.” The company said it already had the largest library of professionally produced, licensed video content, and it has video-advertising relationships with more than 75 percent of the major TV advertisers and publishers such as eBay, Comcast, Newspaper Consortium, Forbes.com and others.

Andrew Frank, an analyst with industry research firm Gartner, noted that the deal was in the works well before Microsoft moved to buy Yahoo. He added that Maven is among the leaders in online video management and works with a lot of broadcasters. “In general,” he added, “advertisers are more enthusiastic about professionally made video” from broadcasters and similar sources.

Maven, Microsoft and AOL

Yahoo Executive Vice President Hilary Schneider said video “is projected to be the fastest-growing segment of the online ad market.” The online video-ad business is now about $775 million, and Yahoo noted that Forrester projects a $4 billion market by 2011.

Earlier this week, Yahoo’s board unanimously rejected a $44.6 billion takeover bid from Microsoft, and there were reports that…