In what can be termed as an anti-climax finish for the “white label” online video service Joost, founded by Skype founders Niklas Zennstrom and Janus Friis, the assets of the company have been acquired by content network firm Adconion Media Group.

Announcing the deal on Tuesday, Adconion, the self-proclaimed “largest independent global audience and content network,” said that it intends pursuing Joost’s June-announced policy pertaining to providing white-label video platforms for other companies.

In a statement, Tyler Moebius, the CEO of Adconion, which has nearly 300 million monthly unique users, said that the acquisition “will be able to provide advertisers, content owners, and Web site publishers with an end-to-end global video platform and cross-channel video and display ad-serving solution.”

Despite its notably lofty plans, Joost failed to be notable contender in the online video arena chiefly because of a big issue with its downloadable peer-to-peer app. By the time Joost released that, the advancements in the Web-based video made a required download an obstacle to entry, rather than a technical innovation.

Further, with halfhearted efforts of bigwig content partners, Joost ended up doling out reruns and esoteric programs at a time people eagerly looked forwarded to new programming.

As such, despite the earlier successes of the founders, enormous amounts of venture investments, and a few early and striking content deals, Joost finally ended up as a flop venture!