Mobile news reader app Summly may be Yahoo's (YHOO) next acquisition target: several sources...

|By:, SA News Editor

Mobile news reader app Summly may be Yahoo's (YHOO) next acquisition target: several sources tell Kara Swisher Yahoo is conducting due diligence on Summly, created by a 17-year-old British developer and downloaded 500K times in the App Store. The app relies on a language-processing algorithm to summarize news stories into sub-400-character blurbs. Yahoo recently acquired group video chat/webcast platform OntheAir and recommendation app Stamped.